Glenne Nelson

Thank you for that response. Does your statement apply whether we sell the shares in his name as executors, or if we transfer them to our name, then sell them. I only ask because when we recently sold his house, we were told by HMRC that because the property was still in our son’s name, no personal allowance could be used and we had to pay CGT on all the gains minus Estate agents and solicitor’s fees.

Good evening, My wife and I are executors of our son’s estate who passed away intestate on 14/08/2021. We are also the sole beneficiaries of the estate. He had shares that were valued at £4704.50 at the time of his death and are now valued at £4915.50 Is there any CGT is there any CGT to pay. The shares are still in his name is there a different selling process if we transfer them into our names. The estate was not ascertained for IHT at probate. Thanks.

Thank you.

Which value will HNRC accept, the lower of the market value m, £135K or the higher, £140K….or the median value of the range, e.g. £137.5K?

Thank you.

Thank you for responding. I have read the document you stated (CG 16251) and it seems that whether you have to use the probated value of an estate for CGT purposes depends on if the property was ascertained for IHT purposes. I also read the document referenced CG 32224 to see if the estate was ascertained. However, I’m not sure how to interpret it. The estimated probated value of the house was £125K and the selling price now subject to contract is £145K. Both values are well within the nil rated band of £300K for IHT. Does this means that the probated value is not ascertained, therefore, I can use the estate agent’s market price guidance of £135K-£140K) a few months after my sons death. If so what value is acceptable to HMRC, the lower or higher, or the median price of the two valuation, e.g. £137.5K.

Thank you for responding. I assume that we only need to fill in one capital gains tax form.as filling it in for the Estate. We had conflicting information from HMRC help lines. One agent saying that my wife and I need fill out separate forms, another saying that we only need to fill out one.

Hi all, Our son died intestate on 13/08/2021. My wife and obtained Letters of Administration on 14/02/ 2022 as executors and sole benificiaries. The property is now sold subject to contract, but we discovered that the probate value was 125K when I fact it should have been £135K (we have a valuation of said property of £135-£140K on 06/11/2021). We contacted HMRC and were told that only the value at probate will be accepted. However, another agent told us that you normally can’t change after 2 years of the probated value,,but HMRC can consider mitigating circumstances if evidence is provided. Who is correct??. Can you add written notes on the CGT form. The property is been sold for £145K. Thanks in advance.

Hello all, Our son passed away intestate on 13th August 1021. Both my wife and I are beneficiaries as next of kin and executors as deemed by the Letters of Administration. My son wasn’t married, had no civil partners or dependents, so his main asset was his house (for which we already paid of his mortgage debt). We never transferred the house ownership to ourselves and now have it on the market with possible completion in this tax year. We have downloaded the form for filling out capital gains tax (CGT) but not sure if we fill it as beneficiaries or executors as we are both….or since the property is still in our son’s name, we can only act as executors for the estate. Thank in advance for any response.