Blobster

Due to a family bereavement I will be inheriting a sum of money.
With my limited knowledge of tax I know the estate will be under the limit for inheritance tax. However will I and the other beneficiaries of the will be liable for capital gains tax?
The estate consists of a house, a small car, the odd bank account and some shares.

Any accountants advise whether the tax man is going to get his hands on the money?

Trick

was there a will?

awd wrx

However will I and the other beneficiaries of the will be liable for capital gains tax?

this gives the game away a bit

Tiggs

CGT died with your relative

Tiggs

was there a small car?

ProperCharlie

is this in contention for winner of the "least helpful answers to a question" competition?

Spoon

PC- Tiggs answered the question asked, and was merely pointing out sarcastically that Trick's question was clearly answered in the original post.

fast bloke

erm - I think he was pointing out the irrelevance of the question -


No - There will be no CGT liability (unless you inherit an asset and sell it 20 years later, etc etc at which point you would be liable in the normal fashion)

Tiggs

"was merely pointing out sarcastically that Trick's question was clearly answered in the original post"

"I think he was pointing out the irrelevance of the question "

bit of both!

T

ps- you'll need to tax that car though.

Spoon

If you mean the "will question" by Trick then I disagree but on Tiggs can tell us.

My take on it is that the originally post says there was a will and a small car.

By then asking if there was a small car it is actually saying "why not try reading it properly" in my opinion.

Tiggs, you're needed, even if it has naff all to do with the thread.

Spoon

I see you've posted Tiggs and as I thought.

Tiggs

you've confused me now.....i thought it was about speed cameras?

Spoon

I'm sure fast bloke will stick his oar in again and tell us.

All football hooligans should be made to carry around a cat in my opinion.

Tiggs

i was surprised marco went and not nadiar.

fast bloke

How did you know I used to row?



In fact I'll row with anyone

Spoon

Well I heard someone say you were a punt.

Tiggs- Yes, Optimax is 98 ron.

Tiggs

ahhhhh.......chavs.

ProperCharlie

are you trying to blame me for all this?

JFB

Not an accountant but work in finance...........
Your relative's assets should be valued as at the date of death so if the shares, for example were worth £20,000 at the date of death and two months later when grant of probate is secured, they're worth £22,000 then the £2000 is a capital gain but this should be covered by your CGT allowance as Executor etc. Thereafter, the beneficiaries' personal CGT allowances come into play so there should be no CGT to pay. Inheritance tax applies to the deceased estate. Capital Gains Tax applies to the living and only when there is a gain on disposal after deduction of the cost ( value on date of death) plus taper relief where applicable.

Hope this helps

JB

p.s. Not sure about the car tax though !!!!!!!!!!