benhowe2
Joined: 12/13/2023
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Sale of more than one property in an estate after probate.
Good afternoon, As the executor of the estate, I've encountered a situation in which probate has been granted, and we are currently in the process of selling multiple property assets. Two properties have been sold, with one selling below and the other above the figures provided for Inheritance Tax (IHT). I have a couple of inquiries: 1. How do I report these transactions to HMRC? 2. Should I report the total amount for both properties, or do I need to submit two separate forms? 3. Does the loss on one property offset any of the profit on the other? 4. Which form should I fill out, and is there an online submission option? 5. What reference should be used to identify the account: the IHT number, the deceased's NI number, or something else? Any assistance you can provide would be greatly appreciated. Thank you. -
RE: Tax on rental income during and after Probate process
Good afternoon Can you please confirm what the percentage of tax is to be paid on the rental income from the estate? Can you please also send me the link to the information on the GOV UK website as I have been unable to find it?