Advice required on completing Forms for CGT

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Curlywurly

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I am one of the Executors in my late aunts estate and have extracted a Grant of Probate. It was directed in her will that her house be sold and the proceeds divided between several beneficiaries. The house has now been sold and there is a gain of €38000 gross to be dealt with. I have obtained a Registration Number from Revenue for her Estate.

Can anyone advice me which form must be completed for the CGT return? Is Form CG1 2015 the correct one and should I just change the year to 2016?

Also do I just deduct the expenses paid from the sale price and pay the CGT on the balance using this Form CGT Payslip A ?

Can I include the following as an expense : cost of the solicitor,auctioneer, ber certificate, engineers certificate, skip hire, removal van to dispose of contents.
Are probate fees allowed as an expense against CGT? As without Probate the house could not be sold?

When the CGT is paid do the Revenue Office issue anything to indicate it is in order and there will be no further claim on the estate? It's just that if we distribute the net proceeds and close the Executors A/C would there be any chance they would then come back looking for more money? What is the usual procedure?

Any advice or help from anyone with any experience in CGT in estate of deceased person would be gratefully appreciated.
 
@Joe_90: Thanks for the reply. Thats some form is'nt it?
Not sure exactly what you mean by income. My aunt died in 2014. Tax returns Form 12 filed for her in 2015 for the year 2014 and balancing statement P21 received with overpayment of Tax refunded and Cert of No Audit.
Probate extracted in March 2015 and all bank accounts closed then. Do you mean income as in interest on her A/C's or as in rental income? House was unoccupied from date of my aunts death until it was sold in 2016.
The €38000 gain represents the difference in the price on the Probate Form CA24 and the price the house was sold for. No expenses deducted in that figure.
 
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I'm confused by what you are saying.

Let me see if I can get this right.

So on the CA24 you put the house valued at (say) 100k. Grant of probate in March 2015. House remains empty until early 2016 when it's sold for 138k.

So far so good. If I'm right in what I understand you to be saying the next part is quite straightforward.

So next you have to do up your expenses & accounts.

Lets say all the funeral expenses / house insurance / estate agent fees comes to 8k, that leaves you with a net figure of 130k

Now you divide that 130k per the will amongst the beneficiaries. Assuming they are all living in Ireland, the beneficiaries are responsible for payment of their capital gains tax, not you (in fact they may not have any tax to pay) that's not your concern - Revenue have the beneficiary details from the CA24 and they'll get their money!

Edit to add: if you're not 100% happy that you fully understand what you need to do, I would get a Soltr's advice.
 
@Thirsty
Hi thanks for the reply.
I think you are confusing CAT (inheritance tax) with CGT (capital gains tax)!
Each beneficiary is indeed responsible for their own CAT whereas the Executors / Legal Personal Representatives are responsible for dealing with and paying any capital gains tax that arises after sale of property.
I have finally got an answer from the relevant tax office and they have sent me the relevant CGT Form & pay slip. I will assess the CGT due to the best of my ability and pay same . It is not due until December 2016 so Revenue won't check the paperwork until then.

My worry is that I will have the estate distributed to the beneficiaries by then and if Revenue assess it differently and there is more tax due I will be personally liable to pay it. However I cannot leave the beneficiaries waiting until December for their inheritance. I am going to request a letter confirming that it is in order for me to distribute the estate from Revenue.

If anyone has any experience of this situation could they please post a reply.
 
As I said, I was confused by your post.

Work out what is due, pay it and get a letter from Revenue confirming full settlement.

As far as the beneficiaries are concerned, assuming there are no minors & theres no hardship element, they have to wait until all is in order.
 
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