CGT on Estate Shares Sale Query?

fcandmp

Could someone help clear up a question regarding CGT on share sale from late FIL's estate?

We have a few hundred shares each in four mainstream FTSE stocks, but to sell them we appear to have to transfer them into named holders outside of the estate. If this is the case the CGT would be the responsibility of the individual holders rather than the estate.

Is this the norm, rather than the estate being able to account for the CGT gains and losses?

Many thanks

Yorkshireman99

fcandmp wrote: »

Could someone help clear up a question regarding CGT on share sale from late FIL's estate?

We have a few hundred shares each in four mainstream FTSE stocks, but to sell them we appear to have to transfer them into named holders outside of the estate. If this is the case the CGT would be the responsibility of the individual holders rather than the estate.

Is this the norm, rather than the estate being able to account for the CGT gains and losses?

Many thanks

The annual CGT free allowance is around £11,000 per person so where is the problem?

fcandmp

The executors have decided that the property sale will be within the estate (rather than transferring into the joint names) in order to avoid delays and risk to the chain. Was therefore interested in offsetting CGT losses on shares from within the estate.

Yorkshireman99

fcandmp wrote: »

The executors have decided that the property sale will be within the estate (rather than transferring into the joint names) in order to avoid delays and risk to the chain. Was therefore interested in offsetting CGT losses on shares from within the estate.

Has there been a delay between getting a value for probate and the sale that resulted in a CG? It may be possible to get the probate value amended.

getmore4less

fcandmp wrote: »

Could someone help clear up a question regarding CGT on share sale from late FIL's estate?

We have a few hundred shares each in four mainstream FTSE stocks, but to sell them we appear to have to transfer them into named holders outside of the estate. If this is the case the CGT would be the responsibility of the individual holders rather than the estate.

Is this the norm, rather than the estate being able to account for the CGT gains and losses?

Many thanks

why do you think they need to be transferred tothe beneficiary, the trustees(executors) should have the option to sell.

fcandmp

Getmore4less, in all the cases I am dealing with the forms make it clear that sale cannot be from the estate and has to be transferred into one or joint names.

fcandmp

Yorkshireman99, 6-7 months between dod and marketing of the property. The revaluation would take us over the IHT threshold.

Yorkshireman99

fcandmp wrote: »

Yorkshireman99, 6-7 months between dod and marketing of the property. The revaluation would take us over the IHT threshold.

Assuming the valuation declared for probate was accurate for example a professional valuation done by a RICS member or similar and the estate was below the IHT level then there should not be a problem. If the executor decide to sell then the estate will have to bear any CGT subject no any allowable losses on the shares. If they transfer the property then there is likely to be less CGT as each person has around £11K tax free. Sounds like you need paid for professional advice on the best way to proceed.

getmore4less

fcandmp wrote: »

Getmore4less, in all the cases I am dealing with the forms make it clear that sale cannot be from the estate and has to be transferred into one or joint names.

You may have misinterpreted, you should have the option to transfer and sell as trustee of the estate.