Hmrc cgt advice please

[Lifechanges2024]

Hi all

Selling second (inherited) property.

for cgt purpose, do I need to submit a request to the valuation office agency or can I use a surveyor report.

thanks!

I am sorry I don’t know the answer to your question.
I didn’t think CGT was payable on inherited property. Apologies if I have misunderstood and you have owned for a while since inheriting.

You should have a base cost from the probate process, did you not have this?

Thanks both,

inherited 10 years ago, and have lived in for past 5 only. Cgt will be applicable but unsure as to what to use for value.

You aren't very clear about which value you are asking about.

Proceeds will be what you sell ot for, less applicable costs of sale (estate agent & legal fees).

Base cost will be the value at which you inherited it, ie probate value. Plus the cost of capital improvement since you acquired it, if any.