My rental property was inherited from my elderly mother in 2014 and rented out for 18 months. I sold it in 2018. The estate agents estimate that it would have been worth between £170,000 - £175,000 at the time of inheritance. Can I use the mid-figure of £172,500 to calculate Capital Gains? Do I need to include their email?
Re:Calculating Capital Gains Tax (rental property)
Thanks for your response.
Yes it can take us at least 2 months to check your valuation. You will need to use your own valuation in order to file your tax return by 31 January deadline assuming the capital gain relates to the 2017-18 tax year. You can always amend your tax return if necessary within 12 months from the filing date.