selling funds after probate

flopsy1973

Hi
Me and my brother have had our late mothers investments handed down to us jointly. They are now in HL my brother wants to sell his share of them the value now is 79,776 . The probate value of them was 74,766. these are held outside of a ISA do I need to transfer them to a ISA before selling them to avoid CGT on this amount ?

For information there was no will and I have been the administrator and I have just asked HL to jointly pay us the proceeds from my mums account

thanks

AnotherJoe

Transferring them to an ISA would make no difference. ISAs are oniy tax free once the investments are inside them and you need to sell them first to put cash in, you can't transfer shares in (except for an exception that doesn't apply here) . Also you can oniy put £20k a tax year into an ISA anyway

Good news is, no CGT due in any case as the £5k gain is below the £12k (approx) allowance (assuming he's made no other capital gains this year),