C,g tax
charlie2015
Posts: 52 Forumite
Hi I wonder if anyone can offer any advice when my fathers estate was valued . the executors valued all his assets at £554,000 at probate but sold house for £625,000 . a difference of approx. £70,000 .this you would assume would attract C.G.TAX they are saying their may be no tax at all to pay .they are also saying their accountant , solicitor, and they themselves have over a period of over 2years 7 months despite repeatedly trying . have had no figures or reply from H.M.R.C. they have they say acknowledged their call. does this seem normal to myself it seems a long time to hear no figures or nothing at all. this is an on going problem and has been mentioned before . does anybody have any advice on the above with many thanks.
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charlie2015 wrote: »Hi I wonder if anyone can offer any advice when my fathers estate was valued . the executors valued all his assets at £554,000 at probate but sold house for £625,000 . a difference of approx. £70,000 .this you would assume would attract C.G.TAX they are saying their may be no tax at all to pay .they are also saying their accountant , solicitor, and they themselves have over a period of over 2years 7 months despite repeatedly trying . have had no figures or reply from H.M.R.C. they have they say acknowledged their call. does this seem normal to myself it seems a long time to hear no figures or nothing at all. this is an on going problem and has been mentioned before . does anybody have any advice on the above with many thanks.0
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hi the executors only took estate agents valuations .swore oath at £554,000 but had previous to this sold house for £625,000 they say they informed HMRC ? last week I wrote to them asking a number of questions . they are not happy being held to account. asking how much CGT there is to pay and if there are any penaltys to pay they say they don't know about penaltys and have not heard from HMRC how are they liable? thanks0
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charlie2015 wrote: »hi the executors only took estate agents valuations .swore oath at £554,000 but had previous to this sold house for £625,000 they say they informed HMRC ? last week I wrote to them asking a number of questions . they are not happy being held to account. asking how much CGT there is to pay and if there are any penaltys to pay they say they don't know about penaltys and have not heard from HMRC how are they liable? thanks0
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hi the executors wrote to me on the 2.5.2014 to inform me that the house had been sold for £625,000 only to swear under oath that the total assets were £554,369 on the 29.5.14 at probate . this makes no sense to me .why would you put in the wrong figure unless they rushed probate .I asked them if they updated HMRC they say they did? . most of the estate has been paid out there is about £45 ,000 left .this has now been going on for 2 years 9months .and they are saying they have never had a reply or tax valuation from HMRC many thanks for your help0
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Would a mortgage on the house reduce the total asset value below the sale price? Is it Net or Gross assets?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
From what you say they agreed a sale on the property before probate was granted so presumably the sale went through shortly after.
The normal procedure in that case would be to submit the agreed sale value for IHT and probate. Property values have to be agreed with the district valuer and I find it hard to believe they would not automatically said the sale price should be substituted for IHT.
The revenue are frequently slow and just maybe if the executors were still negotiating with them it might be possible that it's not resolved but 2.5 years later saying the revenue haven't even spoken to them seems very suspect.
If a property is appropriated to beneficiaries then a CGT gain might be removed but you'd need a few beneficiaries to soak up a £70k gain.
The executors or their reps should be chasing the revenue and getting this resolved because it should have been sorted a long time ago. Unfortunately your only option aside from chasing would be to apply to get them removed which is not a simple or quick process.:heartpuls Daughter born January 2012 :heartpuls Son born February 2014 :heartpuls
Slimming World ~ trying to get back on the wagon...0 -
theoretica wrote: »Would a mortgage on the house reduce the total asset value below the sale price? Is it Net or Gross assets?0
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charlie2015 wrote: »hi the executors wrote to me on the 2.5.2014 to inform me that the house had been sold for £625,000 only to swear under oath that the total assets were £554,369 on the 29.5.14 at probate . this makes no sense to me .why would you put in the wrong figure unless they rushed probate .I asked them if they updated HMRC they say they did? . most of the estate has been paid out there is about £45 ,000 left .this has now been going on for 2 years 9months .and they are saying they have never had a reply or tax valuation from HMRC many thanks for your help0
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hi it is not IHT there was the joint threshold of£650,000 which applied . it is CGT the difference between the values given above. what gets to me if only this had been done properly we would not be in this mess .the beneficeries have been kept in the dark all the way through this .well 3 out of 5 have .they are very reluctant to discuss what they are up to it has taken me nearly 3 years to find out what the offers for the house were. with many thanks0
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charlie2015 wrote: »hi it is not IHT there was the joint threshold of£650,000 which applied . it is CGT the difference between the values given above. what gets to me if only this had been done properly we would not be in this mess .the beneficeries have been kept in the dark all the way through this .well 3 out of 5 have .they are very reluctant to discuss what they are up to it has taken me nearly 3 years to find out what the offers for the house were. with many thanks0
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