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HMRC internal manual

Capital Gains Manual

Personal representatives and taxation: Inheritance Tax liability

The personal representatives will need to agree any Inheritance Tax liability that arises as a result of the death with HMRC IHT. You may need to contact HMRC IHT to check a number of points that are relevant to Capital Gains Tax. These include

  • knowing when the Inheritance Tax liability was finalised and paid in order to check when residue was ascertained, see CG30800
  • knowing whether the values of assets were ascertained for Inheritance Tax purposes in order to establish whether a Capital Gains Tax acquisition cost has been determined, see CG32220 - CG32230
  • knowing whether HMRC - IHT accepted a deed of disclaimer or variation as valid and how they treated any late election relating thereto in order to decide on the Capital Gains Tax consequences of any such deed, see CG31522 and CG31669.