I was gifted my dad's house by my living mother, who inherited it in 2020. It was valued at £280,000 and tenanted. I would now like to sell it, and the value is approximately £310,000. But I have no idea how capital gains tax (CGT) is calculated; would I be taxed on the whole profit because I paid £0 for it? Or on the difference between the sale price and the valuation at the time I acquired it? 

Arthur Weller replies:  

You are subject to CGT on £310,000 - £280,000 = £30,000. Since you were gifted the property by your mother, you are deemed to have acquired it then at its market value on the date of the gift. This can be seen in HMRC’s Capital Gains Manual at CG14530.