Capital Loss and Inheritance taxation

Capital Loss and Inheritance taxation

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Noble Anonymous

Original Poster:

42 posts

172 months

Wednesday 1st September 2010
quotequote all
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.