I am dealing with an estate where there was a £40K increase in the value of the property between date of death and date of sale. I had the Executor sign a document to declare that he was selling as bare trustee of the 6 residual beneficiaries, rather than as Executor, to (hopefully) take advantage of their own individual CGT annual allowances.
As the annual allowances cover the gain and, as a consequence there is no CGT payable, do I still need to advise the beneficiaries to report the gain to HMRC within the 30 days following sale?
It is worth noting that two of the beneficiaries reside abroad.
Any guidance would be greatly appreciated.
Harold Bell Infields & Co