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Issue:
4134
/
Categories:
Comment & Analysis
, Capital Gains
, Inheritance Tax
, Only or main residence
PENNY BATES explains the tax planning opportunities on death
KEY POINTS
- Uplifted values and relief for losses.
- Dealing with the administration period and the executor's costs.
- Would a transfer of assets to beneficiaries be better than a sale?
- Entitlement to the main residence exemption.
- Post-death planning.
It i said there are only two certainties in life: death and taxes — and this article will look at the main rules regarding capital gains tax and death for the deceased the personal representatives and legatees.
The deceased
As everyone will know all assets held by the deceased at death are uplifted for capital gains tax purposes. This means that the executor acquires the assets at their probate valuation at the date of death but there is no deemed disposal by the deceased and hence no capital gains tax (CGT) to pay (see TCGA...
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