hh849
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RE: Capital Gains tax to pay? - date of inheritance vs ownership
Does anyone – from HMRC or otherwise – have any advice on this matter? Thank you -
Capital Gains tax to pay? - date of inheritance vs ownership
My mother died in October 2021. From her estate I inherited a property. It was professionally valued at £285,000 in December 2021. This figure was used in the estate calculations. However, the estate was not finalised/paid out until November 2023. Also, the property itself was not transferred into my name until October 2023 and the valuation stated on the register of title at this time is £316,000. I presume this figure was calculated using a house price index. I sold the property for £298,000 in July 2024. This would be a gain of £13,000 from the December 2021 valuation. However the form states the following: 'What date did you get the property? *This is the date the property was transferred into your name.*' This would seem to indicate that the value should be calculated from the October 2023 rather than December 2021 date. Given that the register of title states the valuation at £316,000 it seems reasonable that this can be taken to be the value of the property at this time and therefore the property was sold at a loss in July 2024, indicating that there would be no CGT to pay. Can anyone advise on this matter?