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Where Taxpayers and Advisers Meet

Cgt and SA900

Samp
Posts:2
Joined:Fri Mar 11, 2022 10:52 pm
Cgt and SA900

Postby Samp » Sun Apr 10, 2022 10:49 pm

Hello,

We are selling a house as executors, under probate. There will be CGT applicable (value increase since date of death and selling) and I am looking at how the executors declare this and pay.

There is guidance to say that selling a property with Cgt due should be notified (and tax paid) to HMRC within 60 days post completion. However the form SA900 implies this is sent after the close of the financial year - which in our case will be nearly a year after completion. Which deadline applies?

In addition, the property is subject to deeds of appropriation (not variation) splitting between 3 beneficiaries and the estate. I believe the beneficiaries only need to complete their own tax return with their portion of Cgt declared on portion of the sale, after the close of the tax year, within their personal tax return. Again nearly a year after the property was sold. Is this correct?

Many thanks
S

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Cgt and SA900

Postby AGoodman » Tue Apr 12, 2022 10:42 am

I'm afraid the estate and individuals will all need to file an online return within the 60 day period:

https://www.tax.service.gov.uk/capital-gains-tax-uk-property/start/report-pay-capital-gains-tax-uk-property

The estate may also have to file the SA900 at the end of the year in the usual way. For the interaction with the informal procedure for estates that wouldn't normally have to file a full (SA900) tax return, look up "informal procedures" here:

https://www.att.org.uk/uk-property-reporting-service-users-guide


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