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maggy | My dad left me his house when he died its being sold for £135how much capital gains tax will i have to pay ? |
Im an only child and have my own home, im currently on long term sick leave for work will this affect the total?
Additional Details
Im the one who is selling the house probate value was £98000 |
 |
 
avocado kisses
|
You have a capital gain of £37,000, less any selling expenses such as estate agents fees and legal costs of sale.
The first £9200 is exempt, which means that £27,800 is taxable. Capital gains are taxed at 20% (not 22% as many think!). That makes tax of £5,560 - assuming you have no other taxable income in the year of sale.
If you sold the house after 5 April 2007, the tax is payable on 31 January 2009. If you sold it between 6 April 2006 and 5 April 2007, the tax is due on 31 January 2008. It is up to you to tell the Revenue about the sale, and I recommend that you do it now. Write to them at your nearest tax office (in the phone book under HM Revenue) and keep a copy of your letter. |
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Laura
 |
This is the info I had:
Inheritance Tax is based on the total worth of the bequest, so that will include, house, contents, pensions, savings, bank accounts etc.
Calculated in would be debts such as mortgages.
The profit for the bequest is then reviewed for Inheritance Tax, and if the total amount is less than £263,000 you should not be taxed. |
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suerye
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There are a lot of wild guesses here!
Who is selling the house - you or the executors? If the executors are selling, then the house will be part of the estate and Inheritance Tax will be payable by the estate if the total estate comes to more than £285k, including the house proceeds.
However, if the house has actually been passed to you and registered in your name, you will be liable to Capital Gains Tax on the difference between the Probate value and £135k, although as a previous answerer has said, you have an annual exemption of £9200. As you don't appear to pay tax, the chargeable gain will be taxed at 22%
EDIT: Selling price 135k less Probate value 98k = gain of 37k (but you can also take into account estate agents and legal fees). First 9200 is exempt, so the tax would be about £6000 at 22%, but if you are still being paid by your employer, it may push you into the 40% bracket. Hard to be more precise without knowing your earnings for this tax year. the tax will not be payable until 31 Jan 2009 - if that helps! |
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JimmyD
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It depends on when you inherited it. if the sale is close to the date of probate probably none as the cost to you is the probate value, assuming full inheritance tax was paid. however if any time has elapsed it is possible the value will have increased and CGT will fall due on the increase in value.
The fact that you are on long term sickness should have no bearing on things. |
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Al Zymer
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You are confusing capital gains tax with inheritance tax. In your case, if the total value of your fathers assets is below £285,000, then it will not be taxed. Capital gains tax applies to a person who sell assets with a profit exceeding £9,200 in the current tax year. |
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Mr Sceptic
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None - it's not a capital gain.
Inheritance tax starts at £300 000, and is 40% of the value of an estate over £300 000.
You shouldn't have to pay any tax.
Having £135 000 in the bank might affect your sickness benefits, though! |
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confused
 |
I think if its under £250,000.00 you wont have to pay any tax.
check out the
www.hmcourts-service.gov.uk/cms/wills.... |
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junglejungle
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it might have an effect on your sick pay if your getting it from the government ..hhmmm
couldn't say the exact amount u'd pay though, its a big chunk..
and also inheritence tax... |
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morwood_leyland
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There is no CGT on houses that transfer on a death - there is inheritance tax on the value of the estate over £300,000 now (probably £285,000 in your father's case). So it depends on the value of all the assets.
You only pay CGT if you sell the house after you inherit it but there are special rules if this is done quickly so that the new value goes back into the original calculation - the direct.gov site is helpful - see below. |
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LEX
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I'm pretty sure you will pay none? CGT starts at around £240.000 i think??? |
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Fred L
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Did you say 135 pounds? I'll give you $1000 Canadian in cash and pay your taxes, today. |
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mr_medo_love_2000 m
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wwe |
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