Paul171224
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Estate House sale, 60-day rule & CGT
My parents passed in 2023 (mum June & dad July), I’m the Executor of my father’s Estate which includes my mother’s& Probate was granted in March 2024. I completed the sale of their house in Nov 2024, & a profit was realised above the probate estimate. My query is, does the 60-day rule apply here & I need notify HMRC now, or do I use the SA900 form (20024/25 tax yr) with the SA905 (“Trust and estate capital gains”) supplementary pages? There’s also CGT to pay on interest gained in my Executors account hence the SA900. -
Executor Account - Tax liability
My Father passed in July 2023, I’m the Executor of his Estate and opened an Executor account in Sept 2023. My Probate was granted in March this year (2024), there was no IHT liability due to the size of the Estate and allowances applicable. I completed the sale of his house in Nov (24) and although it sold for more than the Probate value, there was no CGT tax liability due to CGT allowance (£3,000) & selling costs (£7,619.70). I would like to finalise distribution to the beneficiaries, but my only consideration now is what tax I must pay against the interest (£2,516.85) that my Executor Account has it accrued since it was opened. Any advise would be gratefully received.