How does Executor file CGT return for the estate

There seems to be different advice depending on who you talk to.

Different Revenue departments had conflicting advice - the income tax told me that each beneficiary receives their portion of the house sale proceeds and makes an individual CGT return. I'm not sure how individual beneficiaries would calculate CGT if the gain is on something they didn't own - the house 'belonged' to the estate when the gain was made.

It seems the way to handle this would be as PMU suggested. Thank you.
 
I sent a letter to my local tax office, I considered this was wiser than calling in, considering the limited hours they are open to the public, and I reckoned a letter had a better chance of finding a person in the know, than I would at the counter.

I explained I was executor administering the estate of the deceased and was selling a property that is part of the estate and I required a tax registration number for the estate so that CGT could be returned.

I gave them my details and the deceased's details including our PPSN's.

Three weeks later I received a letter with a registration number, for CGT purposes, for the estate.

Still waiting for sale contracts to be signed so not in a position to make a return yet. When I am, I will use Form 1 (for a trust or an estate) and use the registration number I have just been given.
 
Concerning the payment of CGT and income by an estate, I submitted the Form 1 electronically (worked without any problem the second time). There are sections on the form to declare capital gains and income. Revenue subsequently sent me a single debt authority payslip (i.e. paper form) for the CGT but with the PPSN of the estate as the identifier.

So if you have an estate or a trust that is required to make capital gains or income returns it appears that you (a) get a PPSN for the estate using form TR1; (b) get an electronic certificate for that PPSN; (c) electronically submit form 1 using the estate's PPSN. Form 1 contains self-assessments for both income and capital gains. Revenue will then send you payslips to pay any tax owing.
 
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In a similar position to others above. Acting as executor and house now sold & cgt due in Dec. General advice from revenue was unless I had already reg the estate for PPS & there was discouragement to do so at this point, the best option was for the beneficiaries(3) to pay a third of CGT due. The main advantage to each paying their portion is they can claim their individual allowances so you are paying less cgt than if registering for an estate which I presume can only use one allowance. Individuals/beneficiaries may have accumulated other cgt allowances which the executor may not be aware of so your approach should be flexible imo.
 
cgainstax said:
In a similar position to others above. Acting as executor and house now sold & cgt due in Dec. General advice from revenue was unless I had already reg the estate for PPS & there was discouragement to do so at this point, the best option was for the beneficiaries(3) to pay a third of CGT due. The main advantage to each paying their portion is they can claim their individual allowances so you are paying less cgt than if registering for an estate which I presume can only use one allowance. Individuals/beneficiaries may have accumulated other cgt allowances which the executor may not be aware of so your approach should be flexible imo.
Click to expand...

Sorry, are you saying someone in Revenue advised you to do what I've put in bold?!
 
I had forgotten about this post. What worked seamlessly for me in the end was ....

20/9/2017: requested a Tax Registration Number for CGT for the Estate under Administration of the late Mrs X.

9/10/2017: received Tax Registration Number as requested.

15/5/2018: house disposed of.

2/7/2018: CGT_A Payslip sent with cheque. Name on the Payslip: Estate of Mrs X, deceased. PPSN of the Estate, and address as c/o my address, (Executor)

27/2/2019: Form CG1 (Capital Gains Tax Return and Self-Assessment 2018) became availabe, completed and sent to Revenue. (Not CGT1, not Form1)
 
Ricta

That is great. Thanks for the update.

It took me a long time to sort out with the CGT appearing under my pps number
Brendan
 
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