Capital Gains Tax - Help please!

Spitfires26

saajan_12 said:

Who's name is it in currently and who is living there? 

It's our Dad's house but us 4 children are in the Will for the estate and split 1/4 each. 

2 of us siblings still live in the property and have done our whole lives. 

Slithery

That doesn't answer the most important question.

Is it still in your fathers name or has ownership already been transferred to the beneficiaries?

Spitfires26

Slithery said:

That doesn't answer the most important question.

Is it still in your fathers name or has ownership already been transferred to the beneficiaries?

I belive it would still be in my Fathers name as all we have done is sent of everything for grant of probate. 

theartfullodger

Spitfires26 said:

.................

Myself and 3 other siblings are executors of my Dad's estate as he passed away last year. 

For probate the house was valued at £550,000 and the house is now on the market for £700,000. So my understanding is that we will be hit with CGT on the £150,000. 

...

Yes, CGT due: Myself & my sister sold our late brother's house, similarly.  Valuation £350k-ish, sold bit more than £420k, after "best & final offer" rush between IIRC 7 bidders.  CGT declared and paid, as required, within 60 days of sale (or possible fines and penalties..).

Until you sell you won't know how much the CGT was: Prices could go up, down,,, .  There were some fees we could knock-off. 

Strongly suggest you get yourselves set up electronically on HMRC online before hand & have thought through & got paperwork sorted for what you will report about now. Or lie up an accountant who'll want all those data anyway.

Just be pleased (or not from a country point of view) that Rishi didn't, as I thought he would - and should - put up CGT on such deals, but saved money by forgetting about the poor, vulnerable & needy. Rant over.

Spitfires26

theartfullodger said:

Spitfires26 said:

.................

Myself and 3 other siblings are executors of my Dad's estate as he passed away last year. 

For probate the house was valued at £550,000 and the house is now on the market for £700,000. So my understanding is that we will be hit with CGT on the £150,000. 

...

Yes, CGT due: Myself & my sister sold our late brother's house, similarly.  Valuation £350k-ish, sold bit more than £420k, after "best & final offer" rush between IIRC 7 bidders.  CGT declared and paid, as required, within 60 days of sale (or possible fines and penalties..).

Until you sell you won't know how much the CGT was: Prices could go up, down,,, .  There were some fees we could knock-off. 

Strongly suggest you get yourselves set up electronically on HMRC online before hand & have thought through & got paperwork sorted for what you will report about now. Or lie up an accountant who'll want all those data anyway.

Just be pleased (or not from a country point of view) that Rishi didn't, as I thought he would - and should - put up CGT on such deals, but saved money by forgetting about he poor, vulnerable & needy. Rant over.

Thanks for this - really helpful! 

What kind of data would we need to think about to manage this? What do you mean in terms of reporting about now? 

Totally right about the Rishi statement!!