How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15917
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

If I did not make the gift after all, what would If

Resolved Question:

If I did not make the gift after all, what would
If I did not make the gift after all and died, would my estate then be liable to any CGT?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

When you die, all your assets are valued at the time of your death and become the property of your estate which is distinct from you. There is no CGT on death.

If your estate and the value of gifts made in the seven years before death is worth more than £325,000, there may be a liability to Inheritance Tax. However, your executors will be able to apply for the transfer of the unused part of your late wife's IHT exemption if there is any which could potentially double your nil-rate band to £650,000. You can read about the transfer of a nil-rate band here. The excess of your estate over your nil-rate band would be charged to IHT at 40%.

I hope this helps but let me know if you have any further questions.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Thank you. ***** assume liability to CGT would rest with the beneficiaries in which case would the calculations take the initial purchase price (that is the price we paid for it), or would the value be taken from the date of my death?

Expert:  TonyTax replied 2 years ago.
The beneficiaries would imherit and have the value at the date of death as their cost for CGT purposes.

Related Tax Questions