The following Wills & Probate Q&A Produced in partnership with Chris Bryden of 4 King’s Bench Walk provides comprehensive and up to date legal information covering:
Section 62 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) provides that, for the purposes of that TCGA 1992, the assets of which a deceased person was competent to dispose are deemed to be acquired on his death by the personal representatives (or other person to whom they devolve) for consideration equal to their market value at the date of death, but are not deemed to be disposed of by the deceased on his death, whether or not they are subject to a testamentary disposition (TCGA 1992, s 62(1)).
The effect of this provision is that any assets held by the deceased at the date of his death will benefit from an uplift in value to the date of death on a tax-free basis. As a result, there is no taxable gain on the disposition to personal representat
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A declaratory judgment is a judgment identifying the rights, duties or obligations of one or more parties in a dispute. It is legally binding, but does not order any action by a party. A court may issue it alone or in conjunction with some other relief such as an injunction and can be granted on an
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