Capital gains payable?
Postby LTester » Tue Jan 03, 2017 3:55 pm
My father died in 2001 and left the family home in a Will trust to me and my four siblings. My mother lived on in the house until she died in Aug 2016. Me and my brother were named as trustees. The house has now been sold for £305,000 and is due to complete this month. As I understand it, we won't have to pay inheritance tax. The whole estate including the house at the time of my father's death was about £250,000. But now, I'm concerned that we may be liable for capital gains tax when the sale goes through. I've done a little bit of reading and it seems that the trustees are liable for the capital gains as the money will come to us first before being distributed to our siblings. But then the amount due to each sibling will be more than their individual cap gains threshold too. Very confused. Can anyone advise on this?