Anyone give me a pointer here… I’ve read the info on some websites but I’m unsure how this works !
I’ve owned half of it for 5 years as my father left me his half when he passed away and he and my mother held it as tenants in common.
We’ve selling it (purely by chance) at the same amount as the probate value, so I understand that they’ll be no capital gains tax ?
From what I’ve read I think I have to ignore half the value (as I’ve owned it for a while), but I’m not sure how the other half works for tax ?
Probate was granted mid Jan this year and I’m the only beneficiary.
Total selling price is going to £113,000, less fee’s of £3,000ish, so £110,000.
So, do I just declare £55,000 ? if so, dose that means I lose 40% to tax !! Are there any ‘work rounds’ ?
Any sites any where with more info on this ?