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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15886
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am my deceased father's executor and am

Customer Question

I am my deceased father's executor and am my name is ***** ***** as such for his house, with the land registry. This has been rented for the last seven years but now the property is to be sold.
Does the property have to be transferred to the individual members inheriting the property in order to claim capital gains tax relief? Or do I just sell the property and transfer the individual sums to the five people name in Probate.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. If you wish each beneficiary to be able to use their individual CGT exemptions against their share of the gain from a sale, you need to transfer the property out of the estate before you sell it. Otherwise, the estate will get no CGT exemption and will pay CGT at 28%. I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
the property is to be divided between five people, three of whom as going to buy the property between them. From what you are saying, the property will need to be in the names of the people who want to claim CGT and therefore we will need to register the it names with the land registry before we sell. Am I right?
Expert:  TonyTax replied 1 year ago.
That's correct. You can only have four names on the title deeds so you will need to have a deed of trust drawn up which clearly states each individual's percentage interest in the property.
Customer: replied 1 year ago.
Thank you.
we do have a Deed of Trust with the five names on it (the names and percentages are the same as in the Probate) One person is a non tax payer and so am I correct in thinking that we could just put the other four names on the Land Registry?
Expert:  TonyTax replied 1 year ago.
Yes, though it would be a good idea to have the name of anyone who has an interest to be on the deed of trust as the title deeds don't show the split of ownership.
Customer: replied 1 year ago.
Thank you for all that information. I think it answers all my questions
Expert:  TonyTax replied 1 year ago.
Thanks. Would you mind rating my answer before you leave the site please.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15886
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Customer: replied 1 year ago.
My two daughters who are buying the property will be on the Deed. This gives them a ten per cent share already. Do they need to sell and buy again or just buy a greater percentage?
Expert:  TonyTax replied 1 year ago.
The two who are buying the property simply buy the shares of the others once the property has been removed from the deceased estate.
Customer: replied 1 year ago.
I should have said the original deed dated 2010 - will this still be o.k. if the percentages are the same?
Expert:  TonyTax replied 1 year ago.
I think you can vary the deed ( a solicitor will tell you) to add any new names.

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