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MR TAX ADVISOR, MY MOTHER WAS RESIDENT ABROAD AT THE

Customer Question

HELLO MR TAX ADVISOR,
MY MOTHER WAS RESIDENT ABROAD AT THE TIME OF HER DEATH AND DIED INTESTATE. AS HER PERSONAL REPRESENTATIVE AND ALSO ONE OF HER BENEFICIARIES.. I HAVE BEEN NOMINATED BY MY BROTHER TO ***** ADMINISTRATION AND DISPOSE OF HER PROPERTY ON AN EQUITABLE BASIS.
WE WISH YO KNOW WHAT IS THE CAPITAL GAINS TAX PAYABLE TO HMRC..
IS IT TWENTY EIGHT PERCENT (28%) AS I HAPPEN TO BE HER PERSONAL REPRESENTATIVE? OR (40%)..AFTER INCIDENTAL COSTS...
THANK YOU SO MUCH...
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
There is no Capital Gains Tax levied on death, all possessions being aggregated and subject to Inheritance Tax (IHT) which is at a flat rate of 40% on any surplus over 325K. If your late Mother was domiciled abroad then IHT does not apply, but it takes a very long time to effect a change in domicile, some 16+ years. If her estate does not exceed 325K then there is no IHT due anyway.
Furthermore, if her spouse pre-deceased her, then her estate can utilise any of her spouse's unused 325K making a theoretical 650K of tax free estate before IHT kicks in. In any event inter-spousal bequests are outside the scope of IHT and inflate the 325K pro rata.
I do hope my answer has assisted you in resolving your conundrum.

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