{"id":105369,"date":"2019-03-25T14:00:10","date_gmt":"2019-03-25T07:00:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-need-to-sell-my-fathers-cottage-what-tax-do-i-pay\/"},"modified":"2019-03-25T14:03:20","modified_gmt":"2019-03-25T07:03:20","slug":"i-need-to-sell-my-fathers-cottage-what-tax-do-i-pay","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-need-to-sell-my-fathers-cottage-what-tax-do-i-pay\/","title":{"rendered":"I need to sell my father\u2019s cottage \u2013\u00a0what tax do I pay?"},"content":{"rendered":"


\nI\u2019m the sole beneficiary under his will and I\u2019m not sure if I need to to register it as my second homeQ I recently inherited my father\u2019s cottage as sole beneficiary under his will; probate was completed on 7 February 2019. Reluctantly, I have decided to sell the cottage. As I am selling it, do I need to register it as my second home, or not? When it sells, what do I need to do about any tax I might need to pay?HAA If there was inheritance tax for your father\u2019s estate to pay, you would have found this out \u2013 and would have had to arrange to pay it \u2013 before probate was granted so you don\u2019t need to worry about that. You also don\u2019t need to worry about registering your late father\u2019s cottage as your second home as it\u2019s clearly not a second home to you. Even if you do own two (or more) properties and treat them both (or all) as your home, the only thing you need to do is nominate which of the homes is your main home. Telling HM Revenue & Customs (HMRC) the address of your main home \u2013 which you must do within two years of acquiring more than one residence \u2013 means that when you come to sell it, it should be free of capital gains tax (CGT). Continue reading…
\n
\nSource : theguardian.com
\nRead more…I need to sell my father\u2019s cottage \u2013\u00a0what tax do I pay?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I\u2019m the sole beneficiary under his will and I\u2019m not sure if I need to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-105369","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rpv","jetpack-related-posts":[{"id":105879,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/can-my-brother-force-me-to-sell-our-late-fathers-cottage\/","url_meta":{"origin":105369,"position":0},"title":"Can my brother force me to sell our late father's cottage?","date":"April 8, 2019","format":false,"excerpt":"\r I want to buy my sibling out, but we can\u2019t agree on a price and now he wants to go to courtQ My brother and I inherited a cottage from my father. The cottage is of great sentimental value to me and I would like to keep it as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30829,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-inherited-a-house-from-my-late-husband-will-i-pay-cgt-if-i-sell-it\/","url_meta":{"origin":105369,"position":1},"title":"I inherited a house from my late husband \u2013 will I pay CGT if I sell it?","date":"October 20, 2016","format":false,"excerpt":"\r It has been rented out for a few years and I\u2019m 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":149378,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-had-to-sell-my-fathers-retirement-flat-at-less-than-half-price-and-that-took-six-years\/","url_meta":{"origin":105369,"position":2},"title":"I had to sell my father\u2019s retirement flat at less than half price \u2013 and that took six years","date":"February 4, 2025","format":false,"excerpt":"\r While we were waiting an age for a sale, keeping it cost us \u00a34,000 a yearIt has taken me six years to sell my father\u2019s retirement flat for less than half of what he paid for it. For most of that time we have had to pay annual service\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6160,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-time-to-raise-inheritance-tax-not-probate-fees\/","url_meta":{"origin":105369,"position":3},"title":"It\u2019s time to raise inheritance tax \u2013 not probate fees","date":"February 27, 2016","format":false,"excerpt":"\r The proposed increases are staggering \u2026 pay \u00a3300 if the estate is in Hull, \u00a34,000 if it\u2019s in HackneyIt\u2019s a new \u201cdeath tax\u201d for \u201cgrieving families\u201d. It\u2019s an \u201castronomical\u201d blow for the \u201cbereaved\u201d. 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