FAQs - Beneficiaries

Q. I am the beneficiary of an estate. Will I be liable to Capital Gains Tax?

A. When you get an asset under the terms of a will or the rules of intestacy, you are not liable for CGT. You are treated as acquiring the asset on the date of death at its value for inheritance tax if there was liability, and otherwise at its open market value on that date. That value is used as the acquisition price if you dispose of the asset later.