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Clare, Solicitor
Category: Law
Satisfied Customers: 34886
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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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: 2 years ago.
Category: Law
Expert:  Clare replied 2 years 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