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Posted Mon, 05 Aug 2024 10:57:32 GMT by Elvira Parler
We are close to selling my late father's house (he died in June 2023). There will be a CGT gain to pay, which I understand has to be paid within 60 days. Am I right that, once we have completed the sale, my sister (as lead executor) should create Capital Gains Tax on UK property account (via her own Gateway) to calculate and report the gain? How then should the CGT be paid? There are no other gains on the estate. The full IHT bill was settled last year. There is also about £700 of estate income tax to be paid - how and when should that be paid? Aside from the property sale, the estate would qualify as a simple estate. Does the property sale mean it becomes a complex estate and we have to fill in an Estate Return?
Posted Wed, 07 Aug 2024 15:46:32 GMT by HMRC Admin 25 Response
Hi Elvira Parler,
For the Capital Gains, please refer to:
Report and pay your Capital Gains Tax
For the InheritanceTax please refer to:
How Inheritance Tax works: thresholds, rules and allowances
or contact the IHT helpline:
Inheritance Tax: general enquiries
Thank you.

 

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