VM Lee

Hi, thank you for your reply. I called HMRC on 2nd September 2024 and a tax advisor told me that the date to value the property should be the date that the Probate was set up. Then, I immediately asked the property valuation company to do the valuation for me based on the date that the Probate was set up. And the valuation has been done. To my understanding, although the will states that my siblings and I would inherit the property after my mother died, we could not do anything to the property (neither rent it out or sell it) until the Probate is set up.

Hi, thank you for your reply. The probate doesn't have the value of the property. I'm now contacting a surveyor company to help me do the valuation. But they need to know the date to valuate. So should "the time when I inherited it" be the date when my mother passed away (Nov 2020) or when the Probate was set up (March 2021)? Thank you.

Hi, I called HMRC weeks ago asking about the calculation of CGT of an inherited non-UK property which has been sold. The tax adviser told me that it's the difference between the value at the time I inherited the property (not the initial purchase price over 30 years ago) and the selling price. I forgot to ask about the meaning of "the time when I inherited the property". Does it refer to the date when my mother passed away or the date when the Probate was set up? Thank you.

Hi I moved to the UK in 2022 and my late mother's flat in Hong Kong was sold in March 2024 and the transaction completed in April 2024. Please find below my questions: 1. My mother was a non-UK resident. The flat that was sold had been her main residence, in which I had lived for over 20 years before I got married. The sale of the property was shared by my siblings and me equally. Is there capital gain tax or any other kind of tax that I need to report to? 2. If CGT applies in my case, which financial year does it fall to? We received a deposit in March 2024 at the time when a temporary property sale contract was signed. The entire property sale transaction was completed in mid April 2024. 3. If CGT applies in my case, how is it valued to calculate the CGT? Thank you.