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Posted Wed, 24 Apr 2024 16:27:58 GMT by Glenne Nelson
Good evening, My wife and I are executors of our son’s estate who passed away intestate on 14/08/2021. We are also the sole beneficiaries of the estate. He had shares that were valued at £4704.50 at the time of his death and are now valued at £4915.50 Is there any CGT is there any CGT to pay. The shares are still in his name is there a different selling process if we transfer them into our names. The estate was not ascertained for IHT at probate. Thanks.
Posted Tue, 30 Apr 2024 10:18:30 GMT by HMRC Admin 8
The increase in value is below the annual exempt amount for CGT for 24/25 so no capital gains tax is due.
Thank you.
Posted Tue, 30 Apr 2024 11:01:22 GMT by Glenne Nelson
Thank you for that response. Does your statement apply whether we sell the shares in his name as executors, or if we transfer them to our name, then sell them. I only ask because when we recently sold his house, we were told by HMRC that because the property was still in our son’s name, no personal allowance could be used and we had to pay CGT on all the gains minus Estate agents and solicitor’s fees.
Posted Wed, 01 May 2024 14:00:59 GMT by HMRC Admin 5
Hi Glenne Nelson

Please have a look at Capital Gains Tax rates and allowances, for the "annual exempt amount for other trustees".  
If the gain arising from the disposals in for the whole tax year is covered by the annual exempt allowance, then there is no tax to pay.  
If there is no tax to pay, there is nothing to declare for capital gains purposes.

Thank you

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