How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34236
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

On my brothers death 15 years ago there was a will that left

Customer Question

On my brothers death 15 years ago there was a will that left his estate to my children. This has been described as a ' will trust ' . As executors we bought a flat in London on behalf of the children with the proceeds for Approx £400000 and now the flat is worth £1200000. I have been told that if the flat is now sold capital gains will have to be paid. Is this correct ? If so can this be reduced, at the time my two children were aged two and five.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HIThank you for your questionMy name is ***** ***** I shall do my best to help you I am afraid that CGT is payable as the investment has increased in value.The fact that the property was part of a Trust for minor children does not give any exemptions I am afraid.However an accountant should be able to ensure that all possible expenses have been claimedClare