Capital Gains Tax

Planeahead

I am currently dealing with the estate of a deceased relative where there is to be the sale of a property which will sell for 15k over value at time of death. 

Can anyone tell me how much personal allowance we can use as their are 2 executors dealing with the estate and the estate is to be divided between 5 people.

Keep_pedalling

If sold by the estate you have one allowance, but you can also deduct the selling costs. How far down the selling rout are you?

Bookworm105

if the estate is the legal entity selling it then an estate only get one CGT allowance (assuming the sale is within the permitted time limit, otherwise an estate gets zero allowance if outside the time limit).

if on the other hand ownership has been transferred into the names of each beneficiary ands thus each beneficiary is now selling their respective share of the total property then each person would do their own individual CGT calculation on their share and claim their own allowance on their calculation (there is no time limit for the annual personal allowance, but unused amounts do not roll over)

Planeahead

Keep_pedalling said:

If sold by the estate you have one allowance, but you can also deduct the selling costs. How far down the selling rout are you?

We're just about to look into getting it listed. Do you know what the allowance would be?

Keep_pedalling

Planeahead said:

Keep_pedalling said:

If sold by the estate you have one allowance, but you can also deduct the selling costs. How far down the selling rout are you?

We're just about to look into getting it listed. Do you know what the allowance would be?

How do you know it will sell for more than probate value at such an early stage?

The CGT allowance is now only £3000. You can however make a deed of appropriation which will allow each of the beneficiaries to use their own allowance. The legal cost of doing this however may not be worth it. This needs to be done before exchanging contracts so probably worth waiting until you know what price the property actually makes.

https://www.co-oplegalservices.co.uk/media-centre/articles-may-aug-2018/what-is-a-deed-of-appropriation/#

anniecave

Has it been less than 3 years since the person died? 
With a simple estate it would likely be inheritance tax payable, not capital gains tax?

Planeahead

Keep_pedalling said:

Planeahead said:

Keep_pedalling said:

If sold by the estate you have one allowance, but you can also deduct the selling costs. How far down the selling rout are you?

We're just about to look into getting it listed. Do you know what the allowance would be?

How do you know it will sell for more than probate value at such an early stage?

The CGT allowance is now only £3000. You can however make a deed of appropriation which will allow each of the beneficiaries to use their own allowance. The legal cost of doing this however may not be worth it. This needs to be done before exchanging contracts so probably worth waiting until you know what price the property actually makes.

https://www.co-oplegalservices.co.uk/media-centre/articles-may-aug-2018/what-is-a-deed-of-appropriation/#

There's a relative of one of the neighbours have approached us and said they would be willing to pay 15k over value price but are wanting to list it to see if we can get max the sale price but just wondering what I can do to bring down the capitals gain tax.

When I inform HMRC about capital gains tax, do you know how long it takes for them to write to me for copies of receipts of expenses and how long after this will they issue final bill to be paid?

p00hsticks

Planeahead said:

Keep_pedalling said:

Planeahead said:

Keep_pedalling said:

If sold by the estate you have one allowance, but you can also deduct the selling costs. How far down the selling rout are you?

We're just about to look into getting it listed. Do you know what the allowance would be?

How do you know it will sell for more than probate value at such an early stage?

The CGT allowance is now only £3000. You can however make a deed of appropriation which will allow each of the beneficiaries to use their own allowance. The legal cost of doing this however may not be worth it. This needs to be done before exchanging contracts so probably worth waiting until you know what price the property actually makes.

https://www.co-oplegalservices.co.uk/media-centre/articles-may-aug-2018/what-is-a-deed-of-appropriation/#

When I inform HMRC about capital gains tax, do you know how long it takes for them to write to me for copies of receipts of expenses and how long after this will they issue final bill to be paid?

I don't think it works like that.
It's up to the seller to realise that CGT may be due, calculate how much it is and then pay HMRC what they owe within 60 days of (I think) exchange. 
HMRC will presumably come back and challenge the calculation later if they do not beleive it to be correct.