My father passed away in 2018 and his home was willed to his 5 children.
During that time, and the process of probate,
we got the property valued by local estate agents. It was estimated to be worth between 375k and 410k.
One of my siblings decided to purchase the house at 410k and conveyance will be finalised in the coming days.
In recent days, our solicitor has informed us that we may be liable to Capital Gains Tax of approx. 11,500.
I'm unable to contact him due to present conditions. (Covid)
I can only assume, they took the lower price of the estimate, 375k, and made out, between our father's death and selling, we accumulated a capital gain of 35k. 33% of the gain is approx 11.500.
Surely this is wrong. The valuation was just an estimated price. The house remained empty since our fathers death and requires repair.
During that time, and the process of probate,
we got the property valued by local estate agents. It was estimated to be worth between 375k and 410k.
One of my siblings decided to purchase the house at 410k and conveyance will be finalised in the coming days.
In recent days, our solicitor has informed us that we may be liable to Capital Gains Tax of approx. 11,500.
I'm unable to contact him due to present conditions. (Covid)
I can only assume, they took the lower price of the estimate, 375k, and made out, between our father's death and selling, we accumulated a capital gain of 35k. 33% of the gain is approx 11.500.
Surely this is wrong. The valuation was just an estimated price. The house remained empty since our fathers death and requires repair.