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Capital Gains tax on inherited property - online or paper version?

DealingWithEstate
DealingWithEstate Posts: 26 Forumite
10 Posts First Anniversary Name Dropper
edited 31 October 2022 at 5:03PM in Cutting tax
I have a query about the process of paying CGT on an inherited property. My mother died in April, I'm one of the executors and probate was granted in July. Her house was valued at 470,000 and sold in October for 525,000. Her overall estate took us into IHT, and that has all now been paid. I have been in touch with IHT who said there was no additional IHT due on the property as the district valuer had agreed the value, but that there may be CGT to pay.

I have been in touch with CGT who tell me that the Estate will have to pay some CGT and there are two ways of calculating and paying it. I could either (using my own Govt Gateway account) go online and when it asks a question about who it is for, tick the box that says "For someone else..."

Alternatively, I can fill in a paper form, which he referred to as ppdcgt, which he will send me. He said this was easiest to do, meant I didn't need to use my Govt Gateway account, and said he'd put it in the post immediately. I started doing some googling, as wanted to get a sense of how quick and easy this form will be, and have come across this [https://www.accountingweb.co.uk/any-answers/anyone-got-an-updated-property-disposal-cgt-form and this https://www.accountingweb.co.uk/any-answers/cgt-on-sale-of-property] which seems to suggest that doing this via the paper version (rather than the Gateway) can be very time consuming as HMRC takes a long time to process the paper versions.

I am eager to settle the estate quickly, and really don't want to be waiting for months to get a CGT bill as this would delay wrapping up the Estate.

Is anyone with any experience of this able to advise, please, as to whether there is a notable difference in the time taken to process online vs paper versions?

Thanks!

Comments

  • Anyone at all?

    Any experiences of using either the online or the paper version of paying CGT? How long did they take to calculate and ask for payment?
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