From reading HMRC guidance it appears that if an estate is filing a 60 day res property return you can then discount those property proceeds when deciding whether the estate has breached the 500K threshold for formal reporting. Am also aware that if the estate tax is being reported either on a SA return or informally and reporting is done and tax is paid within 60 days of the property sale the estate doesnt need to file a separate property return. If that latter scenario applies does that mean we need to bring the property proceeds into account for the 500K threshold (since we arent filing a separate property return) thanks in advance
Where in the manuals have you found the reference to the property proceeds not forming part of the £500k?
ATT have really detailed guidance FAQs on this, which I think answers your queries. CGT on UK Property Reporting Service - a user’s guide | The Association of Taxation Technicians
There is no ‘get out’ of tax reporting becuase of the 60 day reporting.
Please note, as mentioned, the ‘estate’ CGT PPD is done via an executor/PRs CGT account. There is no such thing as an ‘estate’ account for this purpose. unlike trusts.
Lucy Orrow CTA TEP
Lambert Chapman LLP
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