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Capital Gains?

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taichiperson | 20:03 Mon 18th Nov 2019 | Business & Finance
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I am self employed and complete my self assessment tax online every year. I am currently preparing the tax year 2018/19. In that tax year, I received money after the death of my mother, including the sale of her house. Does that count as Capital Gains? I was exempt from inheritance tax as the whole of her estate was less than £300k
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No. If you sell the house for more than the probate value (without it having been your main/principal residence) you may be liable for CGT on the uplift.
20:08 Mon 18th Nov 2019
no
No. If you sell the house for more than the probate value (without it having been your main/principal residence) you may be liable for CGT on the uplift.
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Thankyou - I wasn't sure, but now I am!
When I paid Capital Gains tax it was because the value of my late Mum`s house from the date of probate to when I sold it had increased in value so I had to pay CG tax on the difference.

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