A Will contains a specific gift of a property to the trustees to ‘sell the same and to hold the net proceeds of sale’:
- to pay IHT attributable to the property to the exoneration of the residuary estate and
- to pay the remaining proceeds to 4 beneficiaries
The Executors and Trustees are the same people.
I am confused as to what kind of trust this is, how to report the CGT and what allowances are available.
Is the above an express bare trust of the sale proceeds, so that the personal allowances of each of the beneficiaries can be used, or is this an express trust comprising a gift of property to the trustees, so it will be the trustees selling so a Trust CGT return is required and trust AE will be available, or is this the executors selling, so an Estate CGT return is required and AE for estates is available?
The 2 residuary beneficiaries are also 2 of the beneficiaries of the above gift.
Any help would be appreciated.