An individual was entitled to £60,000 payable in 6 annual instalments of £10,000 each. The £60,000 was payable by a property developer in return for an option to buy a piece of land for say £600,000. The option has not been exercised. The individual died after 4 instalments had been received and the CGT paid in full. I assume the remaining £20,000 is included in the estate of the deceased with no discount?
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Why would that be?
Unless something says otherwise, I'd include the asset that was held (the chose in action), not the one that wasn't (the cash) - and apply the IHT valuation rules. Does something say otherwise?
No worries Nick.
I'm looking forward to your supplementary questions about CGT on receipt of the £20k/£600k (if the option does get to be exercised).
I'm sorry to hear that.
I hope it was before the restrictions came in and you were able to give her a proper send-off. (It's horrible now. Some of what is happening - for entirely understandable reasons - is heartbreaking.)
But in that case - I do look forward to the CGT question, as that sounds like it will be good news.