I’m an executor in a will. For probate the deceased property is valued at a figure upon which inheritance tax –after allowances- has been paid. The property will sell for a higher value and potentially CGT is payable on the difference/gain.
Prior to signing contracts I believe I can send a memorandum of appropriation to each beneficiary appropriating a share of the property corresponding to their percentage share of the estate residue such that they have to declare this gain, if any. (Most are non or standard rate tax payers and have no capital gain in the tax year)
The solicitor dealing with the estate is questioning this. I posted the question on communityforums@hmrc and their response was to send a link of no relevance to the question!
Can anyone send me a link to the law/rule relating to this option.
Many thanks
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