BuddFox

Hello, Thank you for the update, however this post is not about a trust and only seeks clarification of existing HMRC criteria pertinent to the reporting of CGT following the disposal of the deceased's residential property by the executor of the estate. Question: Should this post be redirected to the 'Others' forum or sent to the Estates & Trusts team at HMRC? Thank you.

Hello,
Please can you clarify the following four items:
1). Is it mandatory to report CGT when the executor of the deceased's (excepted) estate, having received grant of probate, sells the deceased's only residential property within the administration period and:
a). the total CGT gain is less than or equal to the CGT annual exempt allowance and:
b). the proceeds of the sale are greater than £50,000 and:
c). the executor does not normally file self assessment tax returns and is a basic rate taxpayer.
2). If mandatory, which CGT reporting process should the executor use to inform HMRC there is no CGT to be paid and within which timescale, following completion of the sale of the deceased's property e.g. Capital Gains Tax on UK property account?
3). Whether the probate fee, solicitors fees and estate agents fees itemised with the sale of the deceased's property can all be used as deductions when calculating the total CGT gain?
4). Are the deductions listed in (3) above in addition to those deductions specified in 'Statement of Practice 2 (2004) Expenses incurred by personal representatives'?
Thank you.