How do I pay tax on an inherited property that was sold in the UK

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 · Accepted Answer

NikkiDATO · Answer

It sounds like you're on the right track. There are normally CGT obligations when you dispose of inherited property. Once the CGT on the inherited property is calculated, you include the net capital gain (or loss) on your income tax return. In this instance I recommend you seek the advice of a different tax agent who is comfortable with CGT for property. Also, we won't penalise you for trying to do the right thing. If you think you'll need more time this year to get your taxes ready for lodgement, a registered tax agent can apply to us for an extension of your lodgement due date. Best wishes, NikkiATO

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