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CGT at death
-
greenjersey
- Posts:22
- Joined:Thu Nov 17, 2011 8:01 pm
In today's Sunday Telegraph Teresa Hunter writes "The crucial factor is that the CGT slate is wiped clean on death, and assets can be passed on to beneficiaries at their current market value" Is this really true? I have a BTL property with a capital gain of about £300,000 ( I bought it twenty five years ago). So if I leave it to my wife in my will and she then sells there is no CGT to pay? In the unlikely event that my wife pre-deceases me I can leave it to my daughters and again no CGT due? Good news if it's true!
Re: CGT at death
Yes it's true. The asset is included in the estate at probate value, which may result in IHT payable.(If not left to spouse)
The base cost is upgraded to the probate valuation, so an immediate sale would result in no gain.
The base cost is upgraded to the probate valuation, so an immediate sale would result in no gain.
With a pinch of salt take what I say, but don't exceed your RDA
Re: CGT at death
Hi... although there would be no gain and so therefore no tax payable.. would you know if this needs to be reported on a tax return? thanks.
Re: CGT at death
@lewgeorge
Yes, at the figures quoted.
Yes, at the figures quoted.
With a pinch of salt take what I say, but don't exceed your RDA
Re: CGT at death
Hi thanks for your reply.. so to be reported on one form SA900 and SA905 or each of us via our own self assessment with capital gains supplementary page? thanks
