Jo P-K Payne

Thank you

Hi just wanting some clarification about CGT on a probate property. HMRC website says .... as executor you are entitled to the annual exempt amount for the tax year in which the death occurred and the following 2 tax years. If the probate value has increased by £15,000 does that mean we can deduct 3 x £3,000 = £9,000 as CGT allowance and then pay 24% on the remaining £6,000?

We are executors and beneficiaries of our late Father's estate. We have Grant of Probate and accepted a sale on his property which is £15,000 more than the probate value. Land Registry is still in our deceased parents joint names, solicitor has said the they will arrange for the property to be transferred to new owner. I am aware the Solicitors, Agent fees and Management Agent sale pack can be used to reduced the CGT. Does the Estate pay the CGT, and we confirm on the period of administration confirmation to HMRC? If so, does the Estate get a £3,000 CGT allowance?Or do we as beneficiaries of the property declare our portion of the CGT within 60 days of completion? Many thanks for any assistance.