Postby Miljee » Thu Sep 24, 2015 6:29 pm
Do you mean 'executors pay...28%..' etc that the executors pay it out of the Estate before distributing it?? And when you say 'they (the executors) have a full individual's CGT exemption' I guess you mean one exemption, the one appertaining to the Estate? Otherwise everyone would line up 10 executors to get 10 exemptions!
As the death was in Feb 14, is the exemption £11,000 ( for 14-15); plus a further £11,100 ( for 15-16)? (What would stop someone dragging that on for the further year to get the 16-17 exemption- that might write off the need to pay any CGT at all on a possible £33,000 potentially taxable sum!? Or have I misunderstood, which is perfectly possible!) And I thought I read somewhere that the allowance is lower for executors i.e. for deceased estates... but I could be wrong!
So, as the sum involved is about £14,000, and if we distribute/administer the Estate now, we can use the £11,000 allowance, plus this year's £11,100 thus no CGT is payable?