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Capital gains tax implications of a property sale in South America
Our client Mrs A owned a share of a house in Chile with her mother who has recently died. Mrs A will soon receive a sizeable sum.
Part will be an inheritance relating to the sale of her mother’s share of the property and the balance will be from the sale of her own interest. Mrs A received her share in the property when her mother gifted one quarter shares each to her and her sister.
Mrs A who is resident and domiciled in the UK will have made a capital gain of about £140 000 in Chile. Will there be a capital gains tax liability and if so approximately how much this is likely to be?
Further can this be set off against the UK’s capital gains tax liability?
Presumably the amount received as inheritance will not be taxable.
Query...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
