Glenne Nelson

Good Afternoon , my wife and I want to pay off our daughter’s mortgage. We are aware of the 7 year rule. If the money, say £64K is payed from a joint account will it be best to gift it as two £32K or one £64K. The question is if I or my wife die within 7 years does the rule only apply to the individuals death and the £32K of that person. w.g. If I die my £32K would be in play while my wife’s will remain untouched. Thanks in advance

Thank you for your response, however, I don’t have a CGT account. I have an account that just says that I completed a form online and that’s it’s in progress. There is no mechanism for viewing or amending the form. It says the form was filled in online on 24/05/2024 which was the one with the errors, it does not mention the corrected form I filled in online on the 30th (which I have posted by mail as well) unless they have seen the amended form online and are using the 24/05/2024 date as that was when it was originally sent in. I have no idea.

After talking to HMRC, the form is available to be filled in online, however, it isnt possible to download a blank copy. I was advised to fill out the form online again, which I have done, printed, signed and posted. HMRC is also posting a blank copy of the form.

I have filled in the form PPDCGT online to declare CGT on my late son’s house as I am an executor As the house was still in his name, I’ve filled in the form as a representative rather than a beneficiary. I have printed the form but realised there are some errors. I cannot find a blank form online to download Do I need to fill the form online again. The forms title is: Reporting Capital Gains Tax due on U.K. property - form PPDCGT.

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.