Elvira Parler

How is it determined whether "the Estate" of a deceased is selling a property (therefore one CGT allowance applicable) or whether the property became an asset of the beneficiaries of a will after the death of the owner, and beneficiaries should report their individual gain (therefore one CGT allowance for each beneficiary)? Our father left his entire estate (no specific mention of house in will ) to his 4 children equally, 2 of whom are the executors and trustees of said will. There is CGT to pay on the house sale, which is shortly to complete. We are trying to work out if my sister, as lead executor, should report the sale on behalf of the Estate for CGT purposes; or whether all 4 of us should report our share of the gain individually. How is this determined?

We are close to selling my late father's house (he died in June 2023). There will be a CGT gain to pay, which I understand has to be paid within 60 days. Am I right that, once we have completed the sale, my sister (as lead executor) should create Capital Gains Tax on UK property account (via her own Gateway) to calculate and report the gain? How then should the CGT be paid? There are no other gains on the estate. The full IHT bill was settled last year. There is also about £700 of estate income tax to be paid - how and when should that be paid? Aside from the property sale, the estate would qualify as a simple estate. Does the property sale mean it becomes a complex estate and we have to fill in an Estate Return?

Someone for whom I am executor died in December 2023. In February, HMRC sent me a simple tax calculation for them for 23-24, which showed they had overpaid income tax, and I received a cheque for the overpayment. However, I notice that in the calculation, the figure used for untaxed bank interest was simply a repeat of the figure from 22-23, not based on actual interest earned in 23-24 (to date of death). Now that the tax year is over, banks will be supplying actual interest numbers to HMRC. If the deceased earned more interest in 23-24 than the previous year, and owes tax on it, will HMRC contact me, or is it up to me work this out? Or is it case closed after the simple tax calculation? NB the interest I am talking about is that received by the deceased when alive, not estate interest.