Molly
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RE: Capital gains tax and selling inherited property
I would like to know who is liable to pay cgt as I have had conflicting information from HMRC when I have called them. Will it be the estate or the beneficiaries when there is a will, my late mother passed away and left her estate to her children. There are 2 executer for my mothers will and 4 beneficiaries. We paid IHT, got grant of probate and sold my mothers house that she had on rent. This property was never transfered in our names. Please can you advise as we have less than 60 days to pay CGT. We have already divided the proceeds of the sale as we checked several time and were advised CGT is paid individually and not by the estate. So to clarify are the 4 beneficiaries liable for CGT or are we making one payment as an estate?