Property News · October 20, 2016

I inherited a house from my late husband – will I pay CGT if I sell it?


It has been rented out for a few years and I’m not sure if I should move back in to reduce my tax billQ My husband bought a property in 2000 in his sole name. In 2002 we got married and in 2005 we went to live abroad. While we were away, we let the property. We came back to the UK earlier this year and lived with my mother for a few months, during which time my husband unexpectedly died. He has left the property to me and I am in the process of applying for probate. In the meantime, the tenants are moving out but I don’t want to live in this property as it brings back too many memories. I don’t have another property and would like to sell the house and settle somewhere else. The house will eventually be in my name. Will I be liable for capital gains tax (CGT)? Or do I need to live in it for a certain period of time – if so for how long? AB Continue reading…

Source : theguardian.com
Read more…I inherited a house from my late husband – will I pay CGT if I sell it?

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