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Tax Considerations on Variations
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Any redirection of legacies will be treated for IHT purposes as
though the variation had been made by the deceased immediately prior
to death, and be charged IHT accordingly.
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Section 62(1) of the Taxation of Chargeable Gains Act 1992 effectively
says that no CGT is payable on death by using the legal fiction
that the deceased's estate is acquired on death by the personal
representatives at market value - but not deemed to have been disposed
of by the deceased.
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Section 62 also deals with variations and disclaimers in similar
ways to IHT, especially regarding timing and separate elections
to the Revenue.
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