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What tax if I immediately sell an inherited property?


I am a house owner and am about to inherit a 2nd property (worth 150k approx.), which solicitors (executors of the will) are about to put in my name.


If I sell it straight away would I avoid Capital Gains Tax (presumably yes as I will not make more than 8k from the time I get it and actually sell it) but the main concern is as it is will be my 2nd property would I have to pay more/extra CGT or be a victim of another tax/charge?


Arthur Says

When someone dies, and passes an asset to an inheritor, the inheritor receives the asset, for tax purposes, at probate value, i.e. market value at the time of death.


There is no capital gains tax on death, but there is an uplift, i.e. the recipient receives it at present market value.


Consequently, if it sold soon after death, by the inheritor/recipient, there should be no CGT to pay, because presumably it should be worth the same as it was when the original owner died. However if it has gone up in value, then the inheritor/recipient will have made a capital gain.


They will of course be able to use their capital gains tax annual exemption to reduce the amount on which they are liable to capital gains tax.


Just because it is your second property is not a reason for you to pay more/extra CGT or be the victim of another tax charge. However you will not have the benefit of the principal private residence relief from capital gains tax that your first property (in which you live) has.

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