Capital Gains Tax - personal representative

HardyBuckFan

Hi all - am wondering if someone can help:
Recently sold an asset (house) as personal representative of the estate. Was told that the estate is liable for CGT and needs to apply for a PPS number. I thought I would be liable for CGT.
Does anybody know if this is correct?
Many thanks

Calahonda52

How could you be liable?
The asset was never yours?
When you say estate, who died or is it some fancy BVI registered trust:D

Whose bank account did the sales proceeds go into?

HardyBuckFan

Calahonda52 wrote: »

How could you be liable?
The asset was never yours?
When you say estate, who died or is it some fancy BVI registered trust:D

Whose bank account did the sales proceeds go into?

Thanks for reply, it was a house left by parent to me, sales proceeds came into my account via solicitors

Calahonda52

HardyBuckFan wrote: »

Thanks for reply, it was a house left by parent to me, sales proceeds came into my account via solicitors

House was transferred to you from the estate.
.
There is no CGT due in the estate
.
Was a will made?
.
has all the revenue paperwork been done, including your self assessed CAT return, assuming the value was > 80% of the Class threshold and you had not used it up previously.
You need to make that return and not pay a solider to do it for you.
.
You then sold it, so you owe the CGT based on the uplift between the value on the valuation date and the date the sale closed