I have inherited a flat which has been valued at £90,000 for probate.
I wish to sell it.
If I sold it for, (example), £110,000 would I be liable for Capital Gains Tax on the whole £110,000? Or just the £20,000 profit?
If I sold it for £90,000 (the probate value) would I be liable to pay Capital Gains Tax at all?
I am in the UK
Thanks in advance.
I am asking for general pointers, as I have no knowledge of this at all.
I have never owned a property before.