Capital Gain on Property post Death - is CGT payable if total still below threshold?

Hello everyone I would appreciate input on the following issue. My father died and his net estate was £460k, below the £500k threshold (£325k + £125k) so no IHT. The property sold with a net gain of £20k. So total net estate value is still below £500k. Is CGT payable on the £20k ? Best wishes to all 

Hi,
Yes, it is payable. You can see guidance here:
Capital Gains Tax: what you pay it on, rates and allowances
Thank you.

Hi Admin 19, thanks for the response. Can I not submit a CG34 to adjust the value and avoid CGT?

Hi,
As you have realised a gain at this point, the sale still needs to be reported and paid within 60 days. You can still submit a CG34 to give a value and if less, you can then amend the capital gains already reported.
Thank you.