The new year brings news of changes to the tax system and the process of administrating an estate to which an executor should be alert, writes Richard Burgess. The changes are both positive and negative - one of them publicised as making an executor’s life easier when in fact it is likely to do the reverse….
First, the good news is that the Probate Registry appears to be making good progress in clearing the backlog of applications for grants of probate. Whilst welcome, the arrival of the grant may present an executor looking to sell a property, held within the estate, with a challenging task of promptly selling the property. This is because the capital gains tax (CGT) allowance afforded to executors and individuals reduces from £6,000 to £3,000 from 6 April. The value of the gain that exceeds £3,000 will be taxed at 28%. Executors in this position should consider appropriating the prop...
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