What taxes are due on sale of property ?

[Witsend1]

Please can someone help. For financial reasons I am having to sell the home my parents left me. I Let it out for several years but now my husband and I are both retired I want to release the capital to enjoy what time we have left in life. I inherited from my parents. It was their home . It has been valued for £500,00. There is a mortgage outstanding of £175,000. I am worried about what taxes we may have to pay if we go ahead with the sale. Capital gains tax etc. can anyone advise me. Also we have spent about £20,000 on property over the years. Can we deduct this some how. This is all new to us. Thanks for any help you can offer.

[dslippy]

You pay Capital Gains Tax and can subtract your expenditure on the house

[anyman]

What about stamp duty?

[Sam101]

Stamp duty is only paid by a buyer.

A seller has capital gains tax allowance that can be set against the gain and if the property is in the joint names of you and your wife, then there would be two allowances.

The expenditure you have had needs to be documented with receipts and also offset legal costs of solicitors and estate agents

[Witsend1]

Thank you so much. This is helpful. How much is the capital gains tax allowance?

[Sam101]

Many simple questions can be answered if you search on 'Google' or any search engine rather than ask them on a forum.

The personal allowance is £12,500 this year