n Tax Breaks Newsletter - You may need to make changes to your will : capital gains tax

Volume 2006, Issue 240
  • ISSN :



Extracted from text ... CAPITAL GAINS TAX You may need to make changes to your will By DANIEL KANTOR THERE is no getting around capital gains tax (CGT), even in death. The waiving of debt in a will is still deemed a disposal of an asset and is therefore subject to CGT. Consequently, it is important to be aware of the wording of certain clauses in your will. Prior to the introduction of CGT in 2001, it was common practice for debts due to a person to be cancelled upon their death, with no tax implications. An example of such phrasing might have ..

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