Capital Gains Question

Esme

What are the rules for capital gains tax on a second property which has been inherited if it is then sold?

thank you in advance

slackda

not my strong point but i guess a gain would be on the probate value vs the selling cost

HRMc-Capital Gains Tax
You might have to pay Capital Gains Tax if you sell, give away or exchange an asset you've inherited and it's gone up in value since the date of death. The legal term for the many ways you can cease to own an asset is 'dispose of' assets. (In some cases you may be treated as if you've disposed of an asset that you still own - for example, if you receive compensation for a damaged antique.)
If the asset you inherited increases in value between the date of the deceased's death and the date you dispose of it, the increase is a 'capital gain'. See more on this in the section below, and in the guides on Capital Gains Tax.