Probate has been granted on a deceased estate on 8 September 2023, and the executors are immediately transferring one of the investment properties in the estate to the four named beneficiaries (as tenants in common in equal share) before selling the house at auction on 21 October 2023.
If the property sells on 21 October 2023, who will be responsible for the capital gains tax in this scenario?
A) Will it be each of the four beneficiaries that are responsible, as the property is being sold in their names and will they need to declare this on their individual returns?
OR
B) Will it be the estate that is responsible, and the executors will need to declare it on the tax return of the estate / trust?
2. Does the fact that we transferred the asset to the beneficiaries within 6 months of the grant of probate have any impact on who is responsible for the Capital Gains Tax?
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