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Where Taxpayers and Advisers Meet

Inherited Wasting Assets CGT

keepgoing99
Posts:7
Joined:Wed Jan 26, 2022 6:12 pm
Inherited Wasting Assets CGT

Postby keepgoing99 » Tue Feb 01, 2022 1:30 pm

IHT payable on estate

1 year after death various wasting assets/chattels that were used previously in business have made CGT gains (machinery). Chattels figure was disclosed and IHT paid but by taking my time finding the right buyers/working through them (took ages) have yielded more than expected.

I have not use the assets in a trade/profession, merely selling them to get rid/move on in life.

Do items sold less than 6k thus not CGT applied to them as they are wasting assets? I see this exemption does not work if the assets are used in a trade/profession, but I don't know if my cataloguing/selling the assets over time qualifies as me undertaking a "profession" or not!

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