Provided the deed is executed within two years of your aunt's death, and quotes s142 of the Inheritance Tax Act 1984 and s62 of the Taxation of Chargeable Gains
Act 1992, then for the sake of Inheritance Tax and Capital Gains tax, the gift will be treated as though your aunt left the money directly to your children.
HMRC added, "Gains and losses incurred on Bitcoin or other cryptocurrencies are chargeable or allowable for Capital Gains Tax if they accrue to an individual or, for Corporation Tax on chargeable gains
if they accrue to a company.
Briefly, the executors of Lord Howard's estate put forward the argument that they owed no capital gains tax on the proceeds of the sale on the counter-intuitive basis that the painting was technically a 'wasting asset', and therefore not chargeable under the Taxation of Chargeable Gains
Act 1992 (the 'Act').
Fine wine investment is often advertised as a 'tax-free investment' due to it being exempt from capital gains tax as it is deemed a wasting asset 'whose predictable life does not exceed more than 50 years' (Section 44(1) Taxation of Chargeable Gains
In the current tax year there is an exempt amount of PS10,600 for chargeable gains
and this will be lost if it is not used.
Additional topics covered include self-assessment, trading profits, loan relationships, capital allowances, loss relief, intangible fixed assets, group chargeable gains
According to the budget statement, "Legislation will be introduced in Finance Bill 2009 to provide relief from the provisions of SDLT and the Taxation of Chargeable Gains
Act 1992 for persons wishing to raise finance by using land assets in the United Kingdom.
Section 788(3)(a) has followed its predecessor, as amended, by referring to corporation tax in respect of income and chargeable gains
, rather than just to corporation tax.
Such caution is understandable as companies (or groups) that switch to the UK-REIT regime will not pay corporation tax on qualifying rental income or on qualifying chargeable gains
Investment firms benefit from preferential tax treatment, such as exemptions from tax on income and chargeable gains
Q I am acting as personal representative following the death of my uncle, and for the year ended 5 April 2002 estate assets were sold on which total chargeable gains
of pounds 18,000 were made.
If a gain results, it will not be taxable on or after April 1, but if a loss is suffered, the loss will no longer be available for offset against future chargeable gains
suffered by the company on the disposal of other assets," said Mr Hodgson.