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bigduckontax
bigduckontax, Accountant
Category: Tax
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We had a property valued at £480K for probate purposes which

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We had a property valued at £480K for probate purposes which is being sold for £510K. There are 3 beneficiaries to the will, can we each claim CGT allowances , or is CGT likely to be due. We are not liable for IHT
JA: When was the property or asset sold?
Customer: Hoping end of this month
JA: Anything else you want the Accountant to know before I connect you?
Customer: No thanks

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

Is the sale within 2 years of the deceased's passing?

Customer: replied 6 months ago.

Here is the guidance from the Gov UK Web Site:

'The full amount of the AEA is allowed to personal representatives for the:

  • period from the date of death to the following 5 April (no matter how short this period is)
  • 2 tax years following the year of death

Where gains arise in a later year, no AEA is due.'

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Thank you for your support.