90 Yr old Property Purchase Tax Liability

[Blue123]

90 Yr old has been left a property in a will at a reduced price, she does not own any other property, she has paid less that 130,000 for the property - will she be liable for any taxes - her intention is to sell it

[Pezza54]

CGT is paid on the profit realised when an item such as property is sold. There are exemptions from CGT. Residence relief is an example
If the beneficiary of an inherited property decides to sell it they may be liable for CGT on any profit. The profit is calculated by deducting the market price of the property at the date of the deceased's death from the sale price and then deducting any agent and solicitor fees for the sale. Improvements to the property, but not general decorations, can also be deducted.

IMO the £130k paid by the beneficiary makes no difference. He or she will recoup this money when the property is sold. If profit accrues as above from the sale, then the benefeciary may be liable for CGT

[PallasAthena]

When you say she has been left a property in a Will do you mean she has been left an option to buy it at a specified price that is below market value? So can she choose not to exercise the option and receive a cash legacy instead?

[Blue123]

Thank you for replies - ummm well what ever solicitor arranged the Will didn't think of the great inconvenience this 90 yr old would have to face when really they could've suggested she could have the option of a cash legacy instead - So she has purchased it now and will sell at hopefully market value ( valued at deceased's death) so CGT will apply from the price she paid or the market value, she may well sel under mrket value for quick sale - and she does not own another property -