CGT in Spain

[pawncob]

Yes. CGT is payable on his worldwide disposals.
See:
http://www.taxationweb.co.uk/forum/span ... nish%20cgt

[Windo]

Thanks for all your help. Much appreciated. I guess that covers it.
Regards

[Windo]

I have checked on this now and I am told that estates don't pay CGT, only the beneficiaries. In this case, btw, the executors are the same as the beneficiaries.
I admit to some confusion on this. How can the estate, as said above, be liable for the CGT, since it only comprises what is distributed to the beneficiaries.

[pawncob]

Estates don't pay CGT, but EXECUTORS do. They pay tax on the gain on sale. (Probate £300k. Sale proceeds £450k. Gain £150k taxable)
If it was distributed to the beneficiaries in specie at £300k, no gain would arise until the beneficiaries sold it.

[Windo]

Pardon me if I am slow in getting all this, but if the executors are responsible for paying CGT on the sale of the house, is there one CGT allowance for each executor or just a single CGT allowance for the estate? Also, what kind of expenses are allowable to claim against CGT? Would they include the fees of the solicitor handling the sale, and the estate agent's percentage of the sale price?
Many thanks for all your help.

[pawncob]

Yes the Execs. get half of one CGT allowance, and all sale expenses are deductible.