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HMRC internal manual

Capital Gains Manual

Interests in possession: market value on death: introduction: Inheritance Tax

There is a charge to Inheritance Tax on the whole of a person’s property when he or shedies, subject to certain exemptions and reliefs. Therefore there is not a charge toCapital Gains Tax as well.

If Inheritance Tax was paid on the occasion of death then the market value to be adoptedis the value adopted for that tax. See CG32210+ and TCGA92/S274. Otherwise the marketvalue to be adopted is as provided in TCGA92/S272. In this Manual guidance on market valueis generally to be found in the sections dealing with the particular asset.