Can anyone kindly help me with a CGT question arising from the administration of late parent's estate (I am one of several executors and beneficiaries)?
The estate was subject to IHT (which has long since been cleared probate obtained etc and HMRC have issued a certificate). The property was not sold for some time after death as it was rented out for a while and we just did not do much initially about this. As a result it eventually sold for £35k more than the probate value. It was sold by the estate not the beneficaries (I think). It took two tax years to sell.
Date of death: in Tax year 16/17
Date of completion of sale Tax year 17/18
Capital Gain: £35,000
Less costs: about 2k
Less estate annual exemption for 16/17 £11,100
Less estate annual exemption for 17/18 £11,300
£10,600 x 28% = £2,900 approx CGT due.
Does this seem right and how do I acutally pay (I have tried looking on HMRC but this seems to be all about paying as a beneficary not as an estate, which I don't think applies here). I could do it through self-assessment but it wants to treat me as a beneficary with my own personal allowance and not an estate? Does anyone know how long I have to pay this also?
Thanks - these should be simple questions I know but I am not that clear.
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