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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15847
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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CGT on inherited shares and property. I am executor of my

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CGT on inherited shares and property. I am executor of my Mum's estate and my sister and myself are the beneficiaries. The IHT has been paid but since the date of death the shares have fallen in value and the house has increased and both have now been sold. The difference between the values is £22538.03, so am I right in assuming that with both of our CGT allowances we only need to pay tax on the £538.03 and if so how do I arrange to pay this to HMRC from the estate proceeds?
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Submitted: 8 months ago.
Category: Tax
Expert:  TonyTax replied 8 months ago.

Hi.

Were the shares and property sold from within the estate or after they were transferred into the names of you and your sister and then sold?

Customer: replied 8 months ago.
The only way I could see of doing it was to transfer them into my name then sell them, the proceeds are still within the estate as no payments out have been made to either my sister or myslf.
Expert:  TonyTax replied 8 months ago.

If you had sold the shares and property from within the estate, there would only be one CGT exemption for the estate provided the disposals occurred in the tax year of death or either of the next two tax years. The gain would then have been disclosed in the estate tax return and the CGT paid by the estate.

You appear to have sold the assets after putting them into your name only and so you may have trouble with HMRC convincing them that you owned them jointly with your sister. The money really should not be in the estate any longer. The tax liabilities are yours, not the estate's. You and your sister need to disclose your respective shares of the gain in personal tax returns for the tax year in which they were sold. You can register to do that here if you are not already within the self-assessment system.

I hope thish helps but let me know if you have any further questions.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15847
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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