Is capital gains tax wiped out?

Asking if capital gains tax is wiped out if the body who the assets were given to has died.

Didn't find your answer?

If the assets are given to a child and the parents are claiming holdover relief, if the child dies does all the capital gains tax get wiped out from the beginning or just before the assets were given to the child? 

Replies (1)

Please login or register to join the discussion.

paddle steamer
By DJKL
25th Jan 2019 14:10

The child's estate has no CGT liability on death. the Child's estate may have a liability on gains from date of death to realising the assets.

Child's estate does, of course, have potential IHT bill.

What age is child, how are they holding the assets?

http://www.legislation.gov.uk/ukpga/1992/12/section/165/enacted

Thanks (0)