Thanks everyone, sorry to add to the thread but that was extremely helpful. Appreciate the input.I understand that as an executor you have a CGT allowance of £12,300 that you can use to offset against any CGT due? Would you know if I have read this correctly? My understanding would be that any Capital gains is taxed at 28%, less the selling expenses and less the CGT allowance of £12,300 to leave the balance that would need to be paid?
I too am in a similar situation. I am executer and also one of five beneficiaries following the sale of our family home. Do I have to pay the CGT or do all five of us declare it individually ?
I did CGT online a couple of weeks ago and believe me, if I can do it, anyone can! The solicitor sent me a breakdown of money received, their fees and EA fees.Probate value: £350k. Sold for £375k. Fees approx. 6k = £1725.25 CGT payable. Website did the calcs and HMRC wrote to me a couple of days later with ways to pay.
I'm going to be in the same situation in January and we certainly intended that I'd just pay it, from the estate, from the bank account set up for the estate. It happens to be a current account in my name, purely because it was set up during the first lockdown and my sister and I (only executors and beneficiaries) couldn't be in the same place at the same time to set up an executor account and the bank advised against it anyway, as our estate was very simple. But the money in it is only estate money and we've left enough in there to cover this - as we've instructed the solicitor to distribute the sale proceeds in the right proportions to each of us individually.My big problem is that I've recently been locked out of my Government ID (i.e. it used to work, but won't now) as I don't have a passport or driving licence - so I'm going to have to hope to do it by phone, or printing a form and posting it off.
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