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Tax Advice on selling an inherited UK property?

  • 14-09-2009 3:39pm
    #1
    hammy140
    Closed Accounts Posts: 62 ✭✭


    Hi guys, looking for some advice or a pointer in the right direction. I have a property inherited worth approx 100000 sterling in the UK.Its on the market since March.
    If/ When this sells, do I have to pay tax on it? Bear in mind, me and my siblings paid 100000 sterling in inheritence tax to the UK revenue on a number of properties when the member of my family passed away.
    Does this mean, that the selling price will be all mine?Or do i have to pay tax to the UK, Ireland or both???
    Thanks in advance.
    Dave.


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    Suggest you speak to the revenue in both countries and see where you stand.

    were not tax accountants on here


  • #3
    Sand Wedge
    Registered Users, Registered Users 2 Posts: 226 ✭✭Sand Wedge


    Firstly i am assuming that this property is now in your name and you have paid the Inhertitance Tax on same.

    You will have to Pay Capital Gains Tax on the sale of this property if it is sold at a price that is greater than the value of the property when you inherited it. Unlikely that there will be a gain seeing as prices have fallen in last 2 years.

    In the event that you have made a gain. You would pay CGT on the gain to the UK revenue. You will then have to PAY CGT in Ireland also but you will receive a credit for the CGT that you have paid in UK.


  • #4
    hammy140
    Closed Accounts Posts: 62 ✭✭hammy140


    thanks for the heads up sand wedge.

    Yep its dropped by about 20000 since i inherited and will be sold at considerably less.

    cheers again.


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