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Capital gains tax when selling house as part of estate
Hi there. I'm the executor for a relative who passed away last year. I've recently sold their house as part of the administration of the estate, and there is capital gains tax to pay on the sale. When deducting legal costs and estate agent's costs from the capital gain, does anyone know whether I can also deduct the VAT…
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How long for HMRC to respond to tax on a Simple Estate
As per https://www.gov.uk/probate-estate/reporting-the-estate the executor of my late relative's estate (having sold all of the assets to cash) will soon be reporting the tax owed on this 'simple' estate by writing a letter to the HMRC with details of interest and dividends received into the estate during the…
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Capital Gains Tax on gifted property - Help!
Hello members, I’m posting in the hope that someone can help with my complicated circumstances. My mum sold her home in 2002. Her solicitor was a family friend and as she’d become fixated on the idea that her home could be taken if she needed to go into hospital, she transferred the funds from her old house and bought the…
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Pension, trust fund help!
Good afternoon everyone im new here, and no idea what time doing!! My sons father recently passed away unexpectedly , we were separated, on good terms and he had a great relationship with our son. He paid regular maintenance, had our son every other weekend and half the school holidays and contributed to all school trips,…
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Transfer of unused IHT
Hi Sadly my surviving parent has just died. When my other parent died a few years ago, all assets were transferred to my surviving parent and the value of those asset were under £325k. I understand that the unused IHT relief of £325k can be transferred to my other parent. What I am not clear is whether i need to complete…
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Probate - a question re change of circumstance
Hi there, I sent off my probate application for my late father recently. We had a couple of valuations for his house however since sending it off we have been advised that due to the large garden, there is potential to put another property on the land. What happens if we decide to go down this route? The estate agent has…
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Who is responsible - individual or estate?
Scenario: My cousin bought a car from my Dad for £2000. The agreement was to pay £200 a month until the cost was cleared. However, before clearing the cost, they passed away. So there was £1000 left still to pay. The son of my cousin took ownership of the car. We agreed that they could pay off the remaining £1000 at a rate…
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Possible to claim transfer of unused NRB if Executor and Will cannot be located?
Mother-in-Law died recently and her estate is around £35-40k over NRB. There will be no IHT payable as she will have RNRB of £175k downsizing allowance from property sold to fund care home fees. I would love to keep things as simple as possible and avoid IHT400 if we can but we cannot claim it as an 'excepted' estate as it…
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Land Registry help with unregistered property
My father died last week and left everything to my mum in his will. The estate is expected and well below the IHT threshold. The property details are not on the land Register but a small outbuilding that my parents sold to a neighbour in 2013 is listed (against the neighbours property). My dad has left info that the deeds…
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Distributing an estate - income tax
Hi, I'm the executor of my late mothers estate and would like to confirm my understanding of how I need to distribute her estate, including income generated after she passed, estate income. The Will divides the estate into three equal shares and no IHT will be due. However, the estate will generate significant income after…
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Inheritance - Swiss Will and tax
This may be a bit nuance, and we will be seeking professional advice, but was hoping some people here may have some experience or some key questions that I can ask any advisors.. My father is in his 80's and has become very ill, whilst he is English (as are his 3 children and wife) he has been a Swiss resident for the last…
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Inheritance share of a property in trust and UC
Hello, My father passed away last year and left the house in a trust which provides that my stepmother continues to live in the house as a life tenant and is entitled to 50% of the house, and the other 50% will go to me, my three brothers and another third party when the house is sold after my step-mother dies. One of my…
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When to pay the charities
Hello again people, once i have probate and i am in a position to distribute funds-i wonder if someone can clarify something for me. The will stipulates that 5pc of residual estate goes to two charities (so 10pc in total). Obviously when applying for probate i will have given the values of estate at death so the amount has…
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Can an executor buy an asset from the estate below market value?
I have received the final estate accounts from the solicitor showing the estate assets, liabilities and administration expenses, this is for my parents estate. It has taken the solicitor 4yrs to deal with this. The accounts show that my sister who is an executor and beneficiary has bought a timeshare from the estate for…
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Sibling as (obstructive) executor
Father died a year ago, sibling is executor of will and we are not on good terms. Probate took 10 months and house sale due to complete in 6 weeks. I recently received the first interim payment (from assets other than house) but sibling has refused to disclose total value of our fathers estate and lawyer says he can't tell…
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Sale of inherited goods
Hi. Unfortunately my father passed away a few weeks ago. His current wife is granted probate and the will leaves everything to her without exception. This is expected and we're all absolutely fine with it. As it is her property now, she has decided to gift me his somewhat extensive collection of camera and computing…
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Changing executor of will from a solicitor
My grandmother for some reason put her Will solicitors as the executor of her will. We are obviously a bit suspicious of this as there is no details or estimate of what the costs will be for them to undertake this service other than a supplied list of hourly rates, she was very thorough with her admin and kept all the…
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Choosing an executor
I wondered whether anyone had had any experience of appointing a professional executor (i.e. not a family member or friend) in their will. I am in the process of writing one and I am going to appoint my spouse as an executor, but if he dies before me, I will need another executor. The trouble is, I don't want to put any…
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Have I made a mistake getting an inheritance tax code in advance?
I recently sent in the completed INT400 along with many schedules. But a few weeks before I applied for an inheritance tax reference number, because I thought that’s what you did. Now a friend has told me that’s only for people who have inheritance tax to pay, and I’ve messed up. I did put a note in with the submission…
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Probate Registry requesting additional info ??? Seeking advice. RNRB
Had this email from probate the other week. I filed online a month or so ago and wasnt sure if i had made an error when filing. Heres the text: Thank you for your application. In order for us to progress your application further, please confirm the following information by replying by email to…
