Deceased died in 2011 not IHT payable and so property value not “ascertained”. Prior to property being sold, an appropriation was made to the beneficiaries to utilise their CGT annual exemptions.
CG34 form submitted, along with Deed, DVO have agreed the date of death value but have deducted a 10% discount for joint ownership. Am I correct in thinking that this is incorrect as the property was not jointly owned at the date of valuation?
Sally-Ann Joseph
Rose & Rose
I agree this sounds incorrect and should be challenged. However, is this a matter for the executors or the beneficiaries and their tax advisors acting in unison?
Paul Saunders
As no value has been ascertained then you fall onto the valuation provisions in TCGA. If the deceased owned the whole asset at death and part has later been appropriated to the beneficiaries I would agree that the combination of s62(1) & (4) would mean that the 10% discount would not apply
Nigel Scase
Greene & Greene