I have a general inquiry relating to selling an inherited property as an executor through the estate. The proceeds of sale would then be transferred to the beneficiaries in the will.
The difference betweeen the valuation figure used for probate and the sales price is only 5,000 euro which after allowing for auctioneer and solicitor fees is reduced to 2,500 euro - resulting in CGT due of only 800 euro.
I gather it is my responsibility as executor to pay the CGT in this case with the beneficiaries paying their CAT. But I was just wondering if the 1,250 annual CGT exemption applied or whether there was a de minimis figure below which tax was not payable.
I am also unclear how to pay and report this to the revenue (do I report using the CGT form 1 as its an estate online). Also I use the donors PPS number to report as its a small value rather than getting a separate PPS number?
The difference betweeen the valuation figure used for probate and the sales price is only 5,000 euro which after allowing for auctioneer and solicitor fees is reduced to 2,500 euro - resulting in CGT due of only 800 euro.
I gather it is my responsibility as executor to pay the CGT in this case with the beneficiaries paying their CAT. But I was just wondering if the 1,250 annual CGT exemption applied or whether there was a de minimis figure below which tax was not payable.
I am also unclear how to pay and report this to the revenue (do I report using the CGT form 1 as its an estate online). Also I use the donors PPS number to report as its a small value rather than getting a separate PPS number?