Capital Loss and Inheritance taxation
Discussion
I am the Sole Executor for an Estate of a recently deceased relative. I have benfitted from a collection of shares and several Bank accounts. probate has gone through a Solicitor and the Inheritance tax has been paid.
However, since then the value of the shares has decreased ie. BP shares. My question is does the date I inherited them and their value then count as my Cost value and my subsequent sale at todays prices show my proceeds? I would be showing a loss which I understand I can offset in the future against any gains and am thinking of selling them only to Bed/ISA or Bed/SIPP them and even regain the PAYE Tax from the Chancellor with the latter.
Aditionally now I have closed Bank accounts interest has continued to accrue on the accounts, since their initial value was declared for inheritance tax. Do I show this on my Self assessment? My relative never completed a return.
I am well aware that now the monies are in my savings account, the tax and interest will form a part of my return.
Thank you for your advice.
However, since then the value of the shares has decreased ie. BP shares. My question is does the date I inherited them and their value then count as my Cost value and my subsequent sale at todays prices show my proceeds? I would be showing a loss which I understand I can offset in the future against any gains and am thinking of selling them only to Bed/ISA or Bed/SIPP them and even regain the PAYE Tax from the Chancellor with the latter.
Aditionally now I have closed Bank accounts interest has continued to accrue on the accounts, since their initial value was declared for inheritance tax. Do I show this on my Self assessment? My relative never completed a return.
I am well aware that now the monies are in my savings account, the tax and interest will form a part of my return.
Thank you for your advice.
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