capital gains tax

Jenniefour

Take YM's suggestion of getting a solicitor between the four of you. A stiff letter to them and their solicitor from another solicitor demanding to know what is going on and demanding payment is what's needed here. The four of you need to take action on this, so you're not allowing this fiasco to carry on.

They knowingly under declared the value of the property to HMRC. Incredibly stupid of them but they must sort it out, the responsibility lies with them. I find it hard to believe that they have tried to get a response from HMRC about this over nearly 4 years. Just doesn't add up to me.

charlie2015

hi .to be honest I am not to sure what happens when you go to probate I guess you go to swear the oath and swear the total sum is correct . if this is the case they definitely knew it was wrong they wrote to me about a month before saying the house had sold for £625,000.is this how it works. many thanks

Yorkshireman99

charlie2015 wrote: »

hi .to be honest I am not to sure what happens when you go to probate I guess you go to swear the oath and swear the total sum is correct . if this is the case they definitely knew it was wrong they wrote to me about a month before saying the house had sold for £625,000.is this how it works. many thanks

In many cases they could not sell the house without probate. Have you checked the list of wills admitted to probate? You can do this here

https://www.gov.uk/wills-probate-inheritance/searching-for-probate-records

The executors do have to swear an oath that all the details on the probate form are correct. It is a serious criminal offence to falsify a probnate application.

Tom99

charlie2015 wrote: »

hi .to be honest I am not to sure what happens when you go to probate I guess you go to swear the oath and swear the total sum is correct . if this is the case they definitely knew it was wrong they wrote to me about a month before saying the house had sold for £625,000.is this how it works. many thanks

[FONT=Verdana, sans-serif]Yes that's right, the executors would swear an oath after submitting the probate and IT forms.

[/FONT] [FONT=Verdana, sans-serif]I agree with YM that you all should employ your own solicitor to write a strong letter to the executors copied to their solicitor.

[/FONT] [FONT=Verdana, sans-serif]I think it would be a good idea to try and insist they get an RICS valuation as at the date of death and use that as the basis of a CGT submission. Hopefully that valuation will be in line with or nearer the sale price.

[/FONT] [FONT=Verdana, sans-serif]I don't think the fact they submitted a low figure for probate will count to much against them. No IT has been avoided since none would have been due even with a probate value of £625,000.

[/FONT] [FONT=Verdana, sans-serif]I think if you sell a house within a year you can ask for the sale price to be treated as the probate value.[/FONT]

charlie2015

hi . so if the probate valuation is acceptable what could possibly be taking this long? I can only think HMRC are looking into the tax issue .or there is something wrong with the accounts?. many thanks

Tom99

[FONT=Verdana, sans-serif]If the house has sold then probate was granted a long time ago, you can look that up online.

[/FONT] [FONT=Verdana, sans-serif]https://www.gov.uk/search-will-probate[/FONT]

[FONT=Verdana, sans-serif]It can only be the CGT and any other expenses which are outstanding.[/FONT]

Yorkshireman99

Tom99 wrote: »

[FONT=Verdana, sans-serif]If the house has sold then probate was granted a long time ago, you can look that up online.

[/FONT] [FONT=Verdana, sans-serif]https://www.gov.uk/search-will-probate[/FONT]

[FONT=Verdana, sans-serif]It can only be the CGT and any other expenses which are outstanding.[/FONT]

Based on what has been said more likely to be total incompetance by the executors!

Jenniefour

It's not possible to know whether for certain whether HMRC are looking into the tax issue because all you have to go on is what you've been told by the executors. But what you have been told strongly indicates they don't know what they're doing.

charlie2015

hi what I don't understand is that they say in nearly 4 years they have had no reply from HMRC . and go on to say they have tried since then but no reply .they must have had some figures by now? I just find it hard to believe what they tell me . why don't they just pay the tax I think they believe they will get away with it . as I said before they now don't reply to emails . it beggars belief many thanks

Jenniefour

Yes, it does beggar belief. That's why you must get a solicitor between you to put a stop to all this nonsense, otherwise it's just going to keep dragging on.