Probate / Tax (UK). I am acting as the executor of an estate and need to know the answers to two things?

1. Does the estate have its own CGT allowance? If so, then how much is it and for how many years can it be employed.

2. Shares have been set aside (in the will) to be left in trust to grandchildren. I am told that the will in its self is a trust document. Does this entitle us to any CGT allowance on gains made on these shares since the time of death. In other words, are these shares already in trust and if so, does the trust have any CGT allowance?

I would appreciate any qualified advice. Thanks.

Thanks for the advice fengirl. I might need to add that it is nearly two years since the date of death. The shares are still held in the name of the estate but have risen in value by about 30K. Is this not taxable upon sale of the shares in order to convert them into a safer investment?

The EXECUTORS have a CGT allowance of 拢8800 for three years after the death. Year of death + 2.
The Trust, as a will trust, has a CGT allowance of 拢4400 pa. The gain arises from the date of the creation of the trust.

www.nacab.org.uk

Taxigirl is correct and from her previous answers definitely competent. You are the one who is confused.

These shares are not in the estate of the person who has died on or before his/her death you seem to say they were transferred into a trust for the grandchildren.

The 拢30k won't be realised until that trust sells them when the CGT question will arise.