I am currently the executor to 2 estates - viz. I am co-executor to my brother's estate in Dublin (but have "stood aside", allowing the Irish solicitor deal with the day-to-day administration for simplicity) and am also sole executor to my wife's estate. My brother died in April 2020, but the administration is still on-going, and distribution of the assets has therefore yet to occur. My wife died in February 2022 - I have yet to make her final tax return as executor to her estate. The beneficiaries to my brother's estate are, myself, my wife and our two daughters. My wife and I have mirror wills, leaving all assets to each other.
My question relates to the shareholding being inherited into my wife's estate.
I assume that my wife will be deemed to have acquired her inherited shareholding in April 2020 (for which we have a formal valuation). Even though I am sole beneficiary to her estate, I suspect that I (as executor to her estate) will be required to (potentially) pay CGT in the UK for her (inherited) portion of my brother's shareholding for the period between April 2020 and February 2022. Is this correct, and will I need to get a formal stockbroker valuation to determine the disposal value, or can I just research LSE's values online ? As she held no other stocks and shares in her sole name, the full CGT allowance will be available.
Ireland work on the principle of CAT (Capital Acquisition Tax) where the beneficiaries to an estate pay tax on assets acquired. My wife's inheritance from my brother's estate has therefore already paid CAT to the Irish Revenue. So, a second question is, under the double taxation agreement, is it possible to offset any (potential) CGT payable in the UK, by the amount of CAT paid in Ireland ??
Any advice with respect to either of these questions will be greatly appreciated !
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