Complex estates

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

You definitely need to register the estate as a complex estate with the TRS, even though there is no tax to pay. It is annoying but it is the sale of an asset worth more than £500,000 which triggers the need for registration, not whether or not there is any tax to pay.

1 Like

Thank you. I did think I was looking for a non-existent escape route!