Second Properties - Tax regulations

[MEgirl]

Wasn't sure where to put this so I've started here.

We are about to inherit a residential property. Once the tax is paid the property will be available either to sell or rent. We haven't yet decided what to do.

Does anyone know whether the new tax regulations relating to BTL apply to inherited second properties? I'm assuming that if we choose to sell that CGT will apply?

[gamingmum]

Capital gains tax will apply for the period of time you own it. If you sell straight away it will have a value as at when you are the owner and valued as part of the estate.

If there's no mortgage on the property the interest tax issue won't be a problem. You also don't pay stamp duty on an inherited property.

Happy to chat further if you have any further questions.

[MEgirl]

Thanks Gaming. That's very helpful. Do you know anything about the BTL rules?