CGT on trust asset
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Penguin38
Posts: 1 Newbie
in Cutting tax
My grandmother put a field into a Discretionary Trust a couple of years before she died. The Trustees have now sold the field and accounted to the beneficiaries for the funds with CGT to be borne by the beneficiaries. My question is what is the base value for calculating IHT - the value when the asset went into the Trust in 2006 or the value when my grandmother inherited the land in 1972? Many thanks
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The answer to your question is the 2006 value but you also need to know whether your grandmother claimed Hold Over Relief. If so, the held over gain will need to be added to the gain calculated by reference to the 2006 value.0
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