Marc

Hi, Three named people in a will have equally inherited a property, which has now been sold. We each need to individually declare and pay CGT on the sold house. When completing the CGT online form, for questions related to the expenses, purchase price and sold price - do we just divide the actual figures by 3 to account for our ownership of only a third of the house each? i.e. When each of us complete the form If the house valuation at the date of death was £300,000 do we each declare the inherited value as £100,000 If the house sold for £360,000 do we each declare the selling price to be £120,000 If the selling expenses were £15,000 do we each declare the costs of selling as £5,000 Thanks, Marc

Hi, I need some clarification on what CGT allowances can be applied when selling a property during probate. The executors of my late Aunts estate have sold her property - where there were 3 beneficiaries (two of whom are acting as executors). The property was not formerly transferred to the 3 beneficiaries, just sold by the two executors as part of the estate. After deducting the costs of sale, we realised £20K in capital gains, from the date of death (tax year 22/23) to the date of sale (tax year 24/25). Having read all the guidance, I believe that we can only deduct a SINGLE Capital Gains allowance of £3,000 for the sale in tax year 24/25. Then pay 24% capital gains tax on the remaining £17,000 gain. i.e. We need to pay HMRC approximately £4,000 in capital gains tax. I believe that we cannot utilise the individual beneficiaries capital gains allowances (i.e. 3 x £3,000) as it was the estate that made the sale rather the actual beneficiaries. Is this correct?