thedudie

I am executor of an estate. I have cashed in both an OEIC and a Flexible Investment plan (with Life assurance). There is no additional income tax to pay on the life investment policy. Both of these have though made a small gain since the date of death/probate value totalling just under £2500. Am I correct in assuming these small gains are liable for Capital Gains tax @ 20% ? I am also in the process of selling the property from the estate. This also will yield a gain and will be liable to Capital Gains this time I assume at 24%. Do I wait until the property sells or write an informal letter now detailing the gains on the investments made to date and settling the tax owed and then can I take the same informal approach when the house has sold - Capital gain for the house after £3000 allowance will be around £7000 (so approx £1700 to pay) or do I have to submit a tax return.