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Hi, my yearly fixed term deposit interest will be paid in November 2023. For the tax year 22/23, can I report the accrued prorated interest as taxable income in tax year 2022/2023,? Or is it mandatory to report one lump sum interest in the year it's paid, ie. 23/24?
Many thanks for advice
Hi, I would just like to further clarify with the date of probate. I inherited the overseas property from my mom who passed away with a will in Jan 2021, while the probate issued by the overseas court was issued in Jun 2021. The property was not transferred so far under my name. Now I am going to sell this property. When calculating any capital gain tax, should I refer to the market value at Jan 2021 or June 2021? Many thanks!
Thank you for reply. 1 additional information is that the deceased being non-uk resident and non-uk domiciled. Does this make any difference?
Many thanks again!
I inherited an overseas property under the will of my mother which I am also the executer. My mother passed away in Jan 2021. Probate was granted in June 2021.
There was no prevailing value of the property in the probate, as there is no inheritance tax necessary in the country.
In the event of subsequent sale of the property after I become UK tax resident, for the purpose of CGT calculation,
- Should the cost refer to market value at January 2021, or June 2021?
- What kind of documentation is acceptable to refer to for the market value?
- Does it necessary to get a formal valuation thru a surveyor?
- Or mortgage valuation quotes from banks
- Or reference to other similar properties sold prices around same period is acceptable?
Many thanks for information and advice!