Capital gains tax question

[Sameeel]

Scenario for ease- House left to 4 beneficiaries, none are resident in house , valued at start of probate for £X if the property sells for same as valuation do the 4 beneficiaries pay CGT or do they only pay if it sold at more than the original valuation? Thank you in advance

[PallasAthena]

If the house is sold for the same amount (or less) than its Probate valuation at date of death there has not been any capital gain so CGT would not arise. Providing it was sold at open market value.

[Sameeel]

If the house is sold for the same amount (or less) than its Probate valuation at date of death there has not been any capital gain so CGT would not arise. Providing it was sold at open market value.

Thank you, this was my understanding from Gov website but always good to have a bit of clarity

[Pezza54]

If the property is sold for more than the probate value during the administration period, (before the property is transferred to the beneficiarie(s), then the executor is responsible to pay cgt, which the executor can deduct from the estate

Please see the article "Do Beneficiaries Pay Capital Gains Tax on Inheritance?" at www.co-oplegalservices.co.uk