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The Personal Representatives (PRs) of an estate are responsible for making a full report to Her Majesty's Revenue and Customs (HMRC) and paying any tax that becomes due during the administration of an estate.  This includes Inheritance Tax, Capital Gains Tax (CGT), or Income Tax. 

CGT is not normally payable on death. However it becomes relevant if the PR’s sell or cash in any assets which have gone up in value between the date of death and the date of disposal of the asset.  For a certain period the PR’s do have allowances that they can use to reduce or eliminate the tax bill

Whether and how much tax is payable will depend on how you arrange matters. Depending on the makeup of the estate and the beneficiaries’ personal circumstances, we can often limit if not eliminate the effects of CGT.

To speak to someone who can help with CGT call, email or request a call back from one of our specialist lawyers.