Capital Gains Tax on estate

mattsaze

Could anyone please advise how you go about calculating and paying Capital Gains Tax for a property that went up in value on sale (£103k>£120k) and for income from savings interest in administration period.
Thanks

Keep_pedalling

The estate gain is £16k but you can deduct selling cost from that. You also have a £3k allowance. The rate of tax for estates is 28%, so the calculation is (16,000 - £3,000 - selling costs) *0.28. 

For reporting and paying see the following link.

https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-sold-a-property-in-the-uk-on-or-after-6-april-2020

Is the income over £500 pa? If not you don’t have to report or declare it. If it is see link.

https://www.gov.uk/probate-estate/reporting-the-estate

mattsaze

Thank you very much for that.
The interest was £2000 last year, years before was under £500, there is also v small dividend payments from shares of about £17 every 6 months, not sure if dividend income is calculated differently?

Keep_pedalling

What is causing the long delay in winding up the estate? 3+ years is excessive. 

mattsaze

Can I check, if it's more than 3 years since death, you cannot claim the £3k allowance?