Hi,
My father passed away just about a year ago, I suspect by the time I sell his 2nd property it'll have been 14/15 months since his death. Was looking online and couldn't see clearly if there is a time frame that's generally accepted where it cuts off from being an IHT Revaluation ("quick sale after death" is all the advice I can find) to Capital Gains tax.
Secondly, old clutter. The old man was an engineer and had hordes a heapload. Plenty of items less than £500 (average £80 but between £10-300) have been sold one by one on ebay, had to work out what they are, test them, sell them over months. Pretty niche electrical stuff that could easily have been binned by mistake. Some were even broken but people bought for spares. A year on this brings the total sales value above the chattel value declared received offer for everything he had after death that was used in valuation). cant tell what the treatment is
(1) Items under £500 don't matter? These weren't sold as lots etc
(2) Whole thing needs re valuing?
(3) Items sold above £500 (there are a few) need totalling and difference declared?
(4) Difference in total value sold vs declared goes to capital gains? Difference in total value items worth +500 vs Declared chattels to capital gains?
(5) Each capital gain worth less than £6,000 etc therefore nothing needs declaring?
Have done research and can't find answers anywhere. Have had to do a lot of hours and research on a niche industry to realise the capital gains so far (including finding a very rare individual who places value on broken/spare machines). Engineers to fix these broken machines now mostly dead/retired so have zero value for many (my father was one of the last who can repair!). Industry experts would back this up if needed.
Obtaining full value has involved lifting loads of machines that weigh 20-70kg off racks in a storage unit (so it's taken ages), cataloguing etc. Has ruined my elbow. Thankfully am young and v. fit male but 85% of people wouldn't have been able to do anything over than flog for cheap to wholesale buyer.
Quite a specific query and can see the case for various treatments. Fairness tells me full IHT revaluation on the lot doesn't make sense but life isn't always fair!
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