UK Capital gains tax foreign property sale

Feb 13, 2021
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United Kingdom
I would be grateful for any feedback on the following: I and my two adult children are UK residents and own a property in Italy we want to sell. We did not buy this property but inherited it from my father. We have received an offer equivalent to about £365,000.

We have agreed that the funds will go to me as I have no savings, no property in the UK (I rent a small flat) or income except for pension credit and attendance allowance. The property in Italy was not rented out and therefore generated no income. I was not able to live there myself as I depend on one of my children in the UK for care. My children are self-employed UK tax payers, currently not earning because of COVID, in receipt of SEISS grants. One has a low income and no property (and is also my live-in carer), the other earns more and owns a property, but as I said the plan was for the proceeds of this sale to go to me towards buying a property in the UK. Will I need to pay Capital Gains tax and if so roughly how much?

Many thanks


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