Hi there,
Firstly apologies for having to ask what is probably a straight forward question......
We are currently dealing with a recently deceased's estate who is survived by his wife. The actually house value is small but unknown to us he has over his lifetime been a collector of various memoribilia and in particular in a large stamp collection.
Although we have been informed the collection is of substantial value we still expect the total estate to fall beneath the nil band 325k IHT value. We are currently awaiting professional valuers to get to us with a professional open market valuation for the collection.
As part of the collection sent for valuing, part of the stamp collection was gifted to myself and my wife shortly after the birth of our 2nd daughter in 2012, we never thought anything of it(thinking it was junk) and its been in our attic since 2012. As part of the probate/IHT procedure, am I correct in thinking we need to get this gift valued as of date of receipt, i.e. 2012? This will then be added to the estate as it is a gift within the last 7 years and provided it does not tip the estate over the nil-band limit there will be no IHT to pay by ourselves as the recipients of the gift?
Finally if there is no IHT tax to pay, am I correct in thinking if we subsequently sell the gift we've had for 6 years, we use the valuation as of 2012 as our starting point for CGT purposes?
Many ,many thanks in advance.
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