Capital gains tax

Cheesecake67

We instructed co-op to manage the probate for our late parents. In the contract it said they would deal with all the tax including cgt. There was a property that was sold and they did not inform hmrc it is now over 60 days and they are saying that they can’t deal with the cgt as the house was left as a specific gift in the will. However as it is now over 60 days since the sale we will be fined for not informing them. My hunch is that co-op are saying they can’t do it as they have left it too long and now realise a fine is due. Thoughts? 

Keep_pedalling

CGT would only apply if the house had been undervalued for probate was this the case? Have the proceeds of the sale been distributed already?

mybestattempt

Cheesecake67 said:

We instructed co-op to manage the probate for our late parents. In the contract it said they would deal with all the tax including cgt. There was a property that was sold and they did not inform hmrc it is now over 60 days and they are saying that they can’t deal with the cgt as the house was left as a specific gift in the will. However as it is now over 60 days since the sale we will be fined for not informing them. My hunch is that co-op are saying they can’t do it as they have left it too long and now realise a fine is due. Thoughts? 

It's not clear what has happened here as you refer to both probate for parents and that the property was a specific gift.


Can you give a timeline of who died first and how the property was bequeathed in each will?