Capital Gains Tax and Inheritance Tax
If a loved one has passed away and you have inherited their property, life can often be difficult enough without the additional stress associated with having to deal with issues of Inheritance Tax or Capital Gains Tax.
Fortunately, there are sources of advice and support available to you, should you find yourself in this position:
- The UK Government website provides useful information on both Inheritance Tax and Capital Gains Tax, and is a great starting point if you are looking for advice on these issues.
- The Citizens Advice Bureau, whether you visit them in a branch, or contact them via webchat from their website or by telephone (03444 111 444 in England or 03444 77 20 20) can provide helpful advice and support on a number of issues, including tax queries.
- An Independent Financial Adviser – if you have your own trusted Financial Adviser, they should be able to provide you with information about Capital Gains Tax and Inheritance Tax, as well as give you more information about how these issues may impact on your unique financial circumstances. If you are looking for a new Financial Adviser, check that they are registered with the Financial Conduct Authority so that if things go wrong, you have access to the Financial Ombudsman Service.
Whatever you decide to do with your inherited property, make sure that you have received adequate legal advice about any tax liability that you may have – although it may seem overwhelming now, you will definitely benefit from the knowledge in the long run, and hopefully avoid any nasty tax-related surprises in the years to come!