Capital gains tax, spousal transfer and HMRC interest.
Hello All,
I'm 99% sure I know the answer already to my 1st question but I just wanted some real humans to confirm vs Google/AI/websites.
I was informed about a account belonging to my grandad (deceased), it was all stocks/share and has since been cashed out upon discovery. My Dad's (deceased) share is being split between myself and siblings. I've already paid the outstanding IHT as I was Dad's executor and the additional amount tipped us over the IHT allowance.
I owe around £5000 in CGT, am I correct in saying I cannot do a spousal transfer as the asset (stocks/shares) have already been cashed out? I was hoping to take advantage of a combined £6000 allowance vs £3000.
Has anyone been through something like this before in terms of HMRC charging interest? Both grandparents died over 20 years ago and from my understanding there is a 20 year rule on interest. We genuinely had no knowledge of the account and the investment bank involved made no attempt to contact relatives until 2025. The bank confirmed in a letter they used public records to identify relatives of the deceased.
I have queried with HMRC regarding the second question but from my understand I could be in for a very long wait for an answer.
Cheers.