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Inheriting a property can be a daunting event and produces a lot of questions for the bereaved: ‘Do I pay capital gains tax when I sell an inherited property?’ and ‘if I sell inherited property, is it taxable?’ These are typical concerns that play on the mind of people in this situation. Luckily, we have the answers.

According to HMRC’s website:
You don’t pay Stamp Duty, Income Tax or Capital Gains Tax on a property you inherit when you inherit it.
You may have to pay Inheritance Tax if the deceased’s estate can’t or doesn’t pay it.

Qualifying estates can continue to pass on up to £500,000 and the qualifying estate of a surviving spouse or civil partner can continue to pass on up to £1 million without an Inheritance Tax liability.

The rules are different in Scotland.

You don’t pay Capital Gains Tax when you sell your home. You do pay it if you make a profit when you sell a property that isn’t your main home.

If inheriting a property means you own 2 homes, you’ll have to nominate one of them as your main home. You must tell HMRC which property is your main home within 2 years of inheriting the property.

If you don’t tell HMRC and you sell one of the properties, they’ll decide which property was your main home.
00:00 Introduction
00:11 Do I pay capital gains tax on inherited property?
00:22 Is inherited property taxable?
00:41 Estate pays inheritance tax and not YOU
00:52 £1m inheritance tax allowance
01:05 Capital gains tax on profits
01:19 Main home
01:34 Probate value
01:47 Tax liability
02:03 Liquidating an inherited property
02:15 Property Saviour

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