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Posted Wed, 22 May 2024 17:21:26 GMT by Jo P-K Payne
We are executors and beneficiaries of our late Father's estate. We have Grant of Probate and accepted a sale on his property which is £15,000 more than the probate value. Land Registry is still in our deceased parents joint names, solicitor has said the they will arrange for the property to be transferred to new owner. I am aware the Solicitors, Agent fees and Management Agent sale pack can be used to reduced the CGT. Does the Estate pay the CGT, and we confirm on the period of administration confirmation to HMRC? If so, does the Estate get a £3,000 CGT allowance?Or do we as beneficiaries of the property declare our portion of the CGT within 60 days of completion? Many thanks for any assistance.
Posted Tue, 28 May 2024 09:50:59 GMT by HMRC Admin 21
Hi Jo P-K Payne,
If the property was named in a will, along with the beneficiaries, then when your last surviving parent passed away, the property was transferred to the beneficiaries, with a value as declared in probate.  If the property is disposed of for more than the probate value, then a capital gain arises.  Each of the beneficiaries would need to work out what their gain is and report and pay it within 60 days of completion.
Thank you.
 

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