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Where Taxpayers and Advisers Meet

is iht value made on day of death

PAP
Posts:22
Joined:Wed Aug 06, 2008 3:05 pm

Postby PAP » Sat Oct 11, 2003 4:43 am

Hi

Could you advise me, is IHT calculated on the value of the assets at time of death. I.e. the property value on the day the person dies, or is it calculated at what the property is valued at, at some time in the future.

My position is:

My father died, his house has a market value at time of death of £230.000.

But there is a roomer that at some time in the future a developer may be looking to buy some of the rear garden.

Would this have any bearing on the house value as at this point no offer has been made and no developer has approached us?





Regards

Paul

Taxbar
Posts:1187
Joined:Wed Aug 06, 2008 2:19 pm

Postby Taxbar » Mon Oct 13, 2003 3:10 am

Dear Paul,

The simple answer is date of death.

If there was no development value at death, then no problem.

However, you will be laible for Capital Gains Tax on the gain from date of death value.

Daniel Feingold
Strategic Tax Planning
e-mail sedrate@easynet.co.uk
Tel: 0161 720 7244


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