Mobina Mahmood
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RE: Capital gains tax and selling inherited property
Hi I am after guidance for the following :My sister and I are executor of my late mother s will. We have paid IHT and been granted probate. There are a total of 4 beneficiaries in my mothers will. My mother had a house which she had on rent, in addition to her main home. Valuation at the time of my mothers death was 430K and it is due to be sold this month for 510K. My understanding is that CGT will be on 80K however we are not sure if that 80k is split between us 4 and CGT paid individually or will there be 1 CGT to be paid from the estate?