Sailorgirk
Registered User
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I'm quite confused over this so any help greatly appreciated.
When some assets fall into the residual and they end up sold and the proceeds are distributed to the residual beneficiaries.
Then you have to file a CGT1 which was done and in this case the asset's probate valuation versus actual sales price less allowance selling expenses it made a loss so nothing due.
Revenue have said now each residual beneficiary need to file their OWN CGT1 with their PPSN showing their individual loss.
This is what confuses me.It was the estate who sold the residual assets and proceeds divided up as per the terms of the will.therefore if a gain was made it would be the estate who paid the CGT.
Why would each residual beneficiary file a return for a loss? Is this normal procedure ?
When some assets fall into the residual and they end up sold and the proceeds are distributed to the residual beneficiaries.
Then you have to file a CGT1 which was done and in this case the asset's probate valuation versus actual sales price less allowance selling expenses it made a loss so nothing due.
Revenue have said now each residual beneficiary need to file their OWN CGT1 with their PPSN showing their individual loss.
This is what confuses me.It was the estate who sold the residual assets and proceeds divided up as per the terms of the will.therefore if a gain was made it would be the estate who paid the CGT.
Why would each residual beneficiary file a return for a loss? Is this normal procedure ?