Mike Smith

We have read this guidance before and it is useless with regards to Bare Trust Wills This is not helpful Mike

I am one of three executors of my great aunts Will; she died in July 1989. She created a Bare Will Trust All payments were made for inheritance tax at this time. The only asset left in this Will trust was a property in Winchester which had been tenanted until August 2023. The property was sold on 3rd April 2024 and we were advised that we needed to pay HMRC the 28% Capital Gains Tax within 60 days and then each beneficiary would be able claim a proportion of this CGT back if they had paid too much against their own personal income. Therefore, we paid CG on the 9th May 2024 at 28% We have above 20 beneficiaries to this Will and would like to receive a confirmation in writing from HMRC saying they are happy with the payment so we can distribute the funds and close the Trust without fear of further payments to you. We have tried contacting HMRC via phone several times, however we have received very confusing answers around the information we are able to provide. When registering the trust, we did not receive a UTR number (the Bare Trust never had to pay tax) neither does the trust have a NI number which caused major confusion on the phone. On your Trust line, told us that as a bare trust we should not have paid the tax at all but given the money to all beneficaries who then would have to pay their own CG which contradicted the advise given to us at the beginning of the process. We are now very confused; - we don't know whether it was correct to pay CG before distributing the money as a Bare Trust - neither have we received confirmation that what we paid is correct and we can start distributing the remaining funds to the beneficaries - as we are a non tax paying trust we have no UTR number and therefore cannot get any help Can anyone help us???