Capital Gains Tax

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LoftyLottie | 17:57 Thu 10th Mar 2011 | Business & Finance
22 Answers
My son and I jointly inherited my mothers estate, nearly 100% of which was her house. Under the inheritence tax threshold.

My son lives in the house and we are now selling part of the garden for building plots. I understand that I will have to pay capital gains tax on my half of the proceeds because I don't live in the house.

It is then intended that my son will buy my share of the house from me and I have been told that I will have to pay capital gains tax on what I receive from my son.

So does this mean that anybody who inherits a housein fact has to pay capital gains tax if they don't live in it, but sells it, but that anybody who inherits money pays no tax whatsoever.

It seems very unfair to me.

If any suitably qualified or knowledgeable person can give me an answer it will be much appreicated.


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Question Author
I'll let you get some rest now! However the land and the house are one plot at present so the I can't transfer half the land to Mr LL really because it doesn't exist as a separate entity as such. I am not too worried about the tax on the land because that is a bonus, it was the tax of the house that was really bothering me and it now seems I won't have to pay any.

Get some sleep!! x
Question Author
I do like this very personal service.

But I do give you advice on cats!!!

I think I get the better deal x ;o)

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