Do I need to register my estate in the following circumstances?
- the executors have sold an asset (the property) worth more than £500,000, but no gain arose
- there is no taxable income in the estate
The first point suggests that the estate is complex and thereore needs to be registered but the relevant page on HMRC’s website goes on to say that “You do not need to register if the estate’s only income is from savings, as long as the tax due is less than £100 in any one tax year.” Nowhere does it say that you do not need to register if there is no CGT to pay.
Thoughts please?
Lee Young
Frettens LLP