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Where Taxpayers and Advisers Meet

Stamp duty

redandwhite
Posts:4
Joined:Thu Jun 08, 2017 9:36 pm
Stamp duty

Postby redandwhite » Fri Jun 09, 2017 1:21 pm

I am about to sell a house in which is under probate. The estate was valued under the £325k inheritance tax threshold. Once the house is sold, capital tax will be due, will it automatically be flagged with HMRC if sold under probate and it's sold at a price exceeding £325k?

Thanks

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Stamp duty

Postby maths » Sat Jun 17, 2017 4:58 pm

If the estate is below £325k then no IHT is leviable on the estate.

If the executors sell a property comprised in the estate then a possible CGT charge will arise if it's sold for more than it's value at the date of death.

HMRC would know about any such sale due to information available to them at LR.


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