Be Excellent To Each Other

Would there be tax to pay on it? I've looked around on the internet and it seems odd. It seems that it's possible you don't.

Depends on when you sell it, you'll pay capital gains tax on the difference in price between what it was worth when you inherited it, and what it is worth when you sell it.
Other than that, no. Any tax due will have been paid through the tax on the estate before it gets to you.

Also, doesn't Stamp Duty paid by the buyer cover some of this (should it be applicable)?

Not that i'm aware of?

Nor me

I think it'd be a CGT question, and the CGT limit er year is soemthing or other and you can carry some forward, I think, and tehnit's only whatever teh CGT rate is of the difference.

The estate pays the tax to the IR during the probate process.

Once the house is yours you can sell the house without paying any 'extra' taxes just because it's inherited.

Er, CGT would be payable. But you have an annual allowance of £10,600 tax free. Your acquisition value, if the inheritance tax has been paid in full, would be the value of the house when you inherited it, so any profit between then and when you sell it is taxable if it is over £10,600.

You don't pay any CGT at all on your "primary home", though. I'm assuming this is a second home because it's inherited and you probably already live somewhere... Unless you rent, in which case you're probably CGT free I'd imagine.

Just live in it, it's a free house!

Oh, and if you do now own two homes, and you think you may have to pay CGT, you can nominate the inherited one as your primary home and avoid tax on it, but that would mean you would have to pay CGT on your other home when/if you eventually sell it. So you have to weigh them up.

Pretty heavy, I'd say.

That's why he said



So the fact that it's inherited is, at this point, irrelevant. CGT applies because CGT always applies to anyone selling a house that isn't their primary residence.

Unless it's a lighthouse.

Honestly, I've read what Ian said five times and I still can't work out what he (and now you) are talking about. My head is up my arse today though, in my defence.

Can you see if you can find my watch?

Probably all the intialisms.

He says you CAN sell the house without paying extra taxes just because it's inherited. What does that even mean? Did he miss a letter out of CAN'T? I'm so confused.

This thread is what makes Beex special.

No, but it's punctuation impaired. Try this:

you can sell the house without paying any ('extra' taxes just because it's inherited).

or, rewritten

you can sell the house without paying any taxes that are a result of it being inherited.

Wot he done seddid.

I definitely answered it better!

You should ask George Monbiot what the answer is. He knows more about taxation than APOD.

You should ask Ashley Barrett. She's the champion of Dallas, Texas.

*whoooosh*

EDIT - also, why did that just change from Christopher Horne?

What the fuck are you lot on about now? I'm going back to bed.

Dallax? You're all cunts and this thread is buuuuuuuuuuuuuuushit.

Ah! Suddenly it all makes just as little sense as it did before!

Bloody hell. Mali managed to create a joke so contrived that even he doesn't get it. I'm staying!

She's the champion of it.

He still gets all the noms for his lighthouse quip earlier, though.

I get all the noms for awesumz.

It's lonely being this far ahead.

You can fuck right off, son.

So my dad was told that inheritance tax didn't apply as the gains weren't big enough. But he's got about £40,000 and a house worth around £60,000. What's the threshold for inheritance tax?

You can get houses for £60,000?

£325k

You live in the north, you should know this.

Is it really living though?

And the spouse's allowance if it wasn't used up. Unless the house was in both names*, and then one gets casually crossed out on death. Like joint bank accounts, too.

*Yes, I know, I can't be bothered going down that road.

I'm adding in layers to my humour now, as well as obscure film references. It makes me cooler.

I bet the place you rent is worth about that.

You can't put a price on not having to fuck about with a garden quality!

You're just jealous because he can see through your FILTHY TAX RUSES. You capitalist running dog imperialist lackey tax monkey.