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The tax requirements and associated implications when a client dies.
KEY POINTS
- The government’s “tell us once” service can help in the administrative obligations when a person dies.
- Although there is an acquisition value uplift on death executors may be liable to capital gains tax on subsequent disposals.
- Note that the executor’s capital losses cannot be transferred to beneficiaries.
- Unused inheritance tax nil-rate band can be transferred between spouses and civil partners.
- An inheritance tax account must be delivered within 12 months of death.
Whenever we talk to clients about their tax affairs and future tax planning the conversation very often turns to the inevitability of death and the difficulty in avoiding the burden of taxes. The rather fatalistic and sardonic words of Benjamin Franklin in a letter to Jean-Baptiste Leroy in 1789 still ring...
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