Capital gains tax on disposal of property

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    Question

    My father died in 2019 and my brother and I inherited a small commercial business unit. Probate is nearly complete now. If we sell the property in the future, will capital gains tax be payable on the disposal proceeds?

     

    Answer

    The acquisition value for future capital gains tax computation purposes will be the market value at the date of death. This is known as the ‘probate value’. Capital gains tax will be calculated under the normal rules on any increase in value from that date until the date of disposal

    in Monthly Tax Q&A
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