Inheriting a house and selling it

GSS20

If a house was left to adult children of the deceased straightforward no IHT estate, children own their own homes would they have to pay CGT on the house if it was sold by the executors then the estate distributed or would they have to have the house put in their names before they could sell it therefore incurring CGT.? This is just a hypothetical question at the moment. 

[Deleted User]

This link might help:

https://www.kingsleynapley.co.uk/insights/blogs/private-client-law-blog/executors-briefing-tax-and-the-family-home

The last paragraph suggests that CGT might be payable within 30 days of the sale - even when the sale is undertaken by the Executor.

poppystar

As I understand it CGT can be paid by the estate or if the property is changed into the beneficiaries names prior to sale by them.

The latter would have the advantage that each would have their own CGT allowance where the estate would only have one.

Either way CGT due if there is sufficient gain.

Flugelhorn

would CGT only be payable on a increase in the value between the date of death and the date of sale?

Thrugelmir

Flugelhorn said:

would CGT only be payable on a increase in the value between the date of death and the date of sale?

It is chargeable. Little point in understating value for probate purposes. 

Flugelhorn

Thrugelmir said:

Flugelhorn said:

would CGT only be payable on a increase in the value between the date of death and the date of sale?

It is chargeable. Little point in understating value for probate purposes. 

True - think I overegged by 10K on probate - at least there was no CGT

poppystar

Flugelhorn said:

Thrugelmir said:

Flugelhorn said:

would CGT only be payable on a increase in the value between the date of death and the date of sale?

It is chargeable. Little point in understating value for probate purposes. 

True - think I overegged by 10K on probate - at least there was no CGT

Wish I had!!