Miscellaneous Capital gains tax when selling saxophones

[scotsman]

😉 Evening all. The family of a recently deceased elderly friend of mine is disposing of his collection of high end saxophones and has come up against the problem of Capital Gains Tax.. As the horns were collected many years ago there are no invoices nor bills of sale available. From what they tell me the horns would be assessed by HMRC to see if any CGT is to be paid. This information might be relevant to the Cafe GAS aficionados within our ranks.. Any thoughts chaps? Regards..😉😉

 

[Targa]

As I understand it there is no CGT on any assets within the estate at the time of death.
Assets are valued on the date of death for IHT.
Only if the people who inherit those assets then sell them is there CGT on any increase in value from date of inheritance to date of sale.

 

[Ghr9204]

From what they tell me the horns would be assessed by HMRC to see if any CGT is to be paid. This information might be relevant to the Cafe GAS aficionados within our ranks.. Any thoughts chaps?

Is it possible to have a music store or repairer (or two) assess them and give their opinion in writing on re-sale market value in their current condition? You may have to pay them for the time to do this, to make it worth their while.

I don't how UK gov differs over US gov, but imagine they probably view similar. Would not such estimates help in case the gov assigns a higher value?

 

[scotsman]

As I understand it there is no CGT on any assets within the estate at the time of death.
Assets are valued on the date of death for IHT.
Only if the people who inherit those assets then sell them is there CGT on any increase in value from date of inheritance to date of sale.

🙂Many thanks Targa.. Will pass that information on..Regards 🙂🙂