Proceeds from house sale greater than date of death valuation/capital gains and self assessment

Hi 

I can't seem to get through to self assessment helpline at the moment that can help with this (all Technical Advisors are busy so I'm waiting for a call back).  I am wondering if somebody can just clarify this on here.  I am registered self-employed so I complete a Self Assessment each year.  My Uncle died in Jan 2022 and I was his sole beneficiary.  His house was valued at £375,000 as part of the probate process and I paid IHT on this and the rest of his estate.  The house was ultimately sold in Feb 2023 and the proceeds from that sale, less estate agents fees and what our Lawyers have itemised as a statement of practice allowance (of £3000) came to £10,789.  This was below my capital gains allowance of £12,300.00 and so I did not believe I needed to report anything to HMRC at the time as no tax was due.  I'm now in the process of completing my tax return for the Tax year 2022/2023 (so the year that the capital gain was made) - I don't think I need to complete the Capital Gain pages of that...or do i?  I have no other capital gains or losses to report for that tax year, so am within my £12,300 allowance. Any advice or confirmation gratefully received. 

Comments

  • poppystar
    poppystar Posts: 1,261
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    Isn’t it the estate’s capital gain rather than yours eventhough you were sole beneficiary? So the estate should have reported the sale and paid any CGT due which as I understand it would be 0 as the estate also had a CGT allowance. 
  • Quiet_penguin
    Quiet_penguin Posts: 15
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    Ah, ok thanks.  There was no will but I was the administrator and had a solicitor acting for the estate. The solicitor sent me the capital gains calculations - showing zero tax due when everything was finalised and the final payment was made to me, so I think that they probably did not report anything as no tax was due.  So my thinking is that I don't now need to declare this on my tax return, as you say, it's not my capital gain, it is the estates and there is no tax to pay in any case. 
  • Keep_pedalling
    Keep_pedalling Posts: 16,223
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    The current allowance is £6000 not £12,300. 
  • poppystar
    poppystar Posts: 1,261
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    The current allowance is £6000 not £12,300. 
    As the sale was in 22/23 wouldn’t it be the allowance for then? I thought the reduction started this financial year? 
  • Keep_pedalling
    Keep_pedalling Posts: 16,223
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    poppystar said:
    The current allowance is £6000 not £12,300. 
    As the sale was in 22/23 wouldn’t it be the allowance for then? I thought the reduction started this financial year? 
    Correct, I miss read the opening post. No further action required then.
  • km1500
    km1500 Posts: 2,120
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    if your capital gain is less than the allowance for that year then you don't need to report it on your self assessment form
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