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Posted Fri, 06 Sep 2024 16:01:57 GMT by khards
Hello, I have just completed the sale of an inherited property that was valued at £500,000 for HIT. The property has just sold for £525,000, so £25k is due CGT. Today, I filed an online CGT form and am awaiting a response. There is a small amount of just under £500 income from a savings account which is under the low-value estate income and disregarded. Do I need to fill in a complex Trust and Estate Tax Return form as the property sold for over £500k or is the sole property excluded from the assets? the estate was valued at less than £2.5 million when the person died -> YES, less than 2.5 million the total Income Tax and Capital Gains Tax due is less than £10,000 -> Yes, than £10k you did not sell more than £500,000 worth of assets in any single tax year during the administration period -> Is the house included in assets? It seems overkill having to fill out the whole SA900 if it's needed. Also is it possible to fill out a SA900 for the 2024- 2025 tax year? The SA900 online is for 2023/2024. The website says I can send the forms online this tax year, but I must use commercial software. Is that correct?
Posted Fri, 13 Sep 2024 10:35:30 GMT by HMRC Admin 25
Hi khards,
You will need to check with the trust helpline here:
Trusts
Regarding  any need for a  tax return.
As you have declared the sale online, you should have already received a repsonse advising of any tax to pay.
Thank you. 

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