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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 8940
Type Your Tax Question Here...
bigduckontax is online now

We had a property valued at £480K for probate purposes which

This answer was rated:

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.'

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.