While it's uncommon, you can face both Inheritance Tax and Capital Gains Tax on the same assets, often due to timing. Quick sale after inheritance typically avoids this. Costs like estate agent and solicitor fees can offset gains, but general maintenance doesn't count. Proof of expenses is crucial for tax relief. The same system applies to all assets; if an asset gained £100,000, you'd pay Capital Gains Tax on that. If you spent £10,000 on improvements and fees, your taxable profit is now £90,000, and after the £12,300 allowance, you'd pay tax on the remaining £77,700 profit.
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