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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14088
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am the executor and one of three beneficiaries of my late

Resolved Question:

I am the executor and one of three beneficiaries of my late aunt's Estate.The main asset of the Estate is a house which was sold last November way above the probate value thus triggering a substantial capital gain.The beneficiaries are each entitled to one third.As I have lived in the house continiously with my aunt from June 1974 until her death in March 2006 during which time I paid poll tax and was on the Electoral register and on my own from the date of her death until the sale with the knowledge and consent of the other beneficiaries during which time I paid the council tax,water rates,insurance etc.Am I entitled to main residents relief so that I am not liable to pay CGT tax on my share of the net proceeds of the house?.As a footnote I got advice that in effect I had sitting tenant rights to part of the house and because of that the Estate successfully appealed the District Valuer's probate valuation in October 2010.

Please let me know if you need any further information
Thank you
Submitted: 1 year ago.
Category: UK Tax
Expert:  Tony Tax replied 1 year ago.
Hi.

Was the house sold by the estate or was it put into the names of the beneficiaries before being sold?
Customer: replied 1 year ago.

It was put into the names of the beneficiaries.

Expert:  Tony Tax replied 1 year ago.

Thanks.

You are entitled to the main residence relief if you are live in a property during your ownership, not for any period before that when you had no financial interest in it.

If you lived in the property from the date of probate which is your acquisition date for Capital Gains Tax purposes to the date the property was disposed of then you will be entitled to exemption from CGT for your share of the gain. Take a look at HS283 for more information.

I hope this helps but let me know if you have any further questions.

Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14088
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
Tony Tax and 2 other UK Tax Specialists are ready to help you
Customer: replied 1 year ago.

Hello again I am afraid that the answer I gave you may have been incorrect.The house was put in my name to protect the Estate.


I will of course pay you again for further advice.

Expert:  Tony Tax replied 1 year ago.
Can you tell me why the estate needed protecting?
Customer: replied 1 year ago.


Sorry I am a bit stressed out.The solicitor said that it was put into my name in order to protect my one third entitlement.

Expert:  Tony Tax replied 1 year ago.
Thanks.

So long as it was clear that you only owned one-third of the property notwithstanding the fact that it was transferred from the estate into your name, then the arrangement will make no difference to your personal tax position.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14088
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
Tony Tax and 2 other UK Tax Specialists are ready to help you

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