tax on executors
This is a discussion on tax on executors within the Wills, Trusts, Estates forum, part of the FAMILY LAW, DIVORCE, CUSTODY category; my father died 31may2007without a will. I am sole executor appointed by the court. his bungalow was valued at £312500 ...
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Apr 27th, 2008, 09:57 AM
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tax on executors
my father died 31may2007without a will. I am sole executor appointed by the court. his bungalow was valued at £312500 for IHT and I paid IHT on the difference between the threshold £300000 and the probate value. the bungalow was sold 7April2008 for £415000. am I now liable for CGT on £102500. if so can I claim any relief because I lived in the bungalow for eleven months sorting out my fathers affairs. Alternatively can I claim exemption from CGT because I live abroad and do not have a home in UK.I know this involves tax issues but I am interested in the legal status of the executor. is my status as a taxpayer the same or separate from that of the executor.thank you for your help.
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