Capital Gains?

[taichiperson]

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

[bednobs]

no

[davebro]

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.

[taichiperson]

Thankyou - I wasn't sure, but now I am!

[237SJ]

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.