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#807800 - 15th Jul 2013 4:51pm Council Agree New Death Tax
Mark Offline


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Registered: 9th Nov 2003
Posts: 21086
Loc: Wirral
Wirral Councilís Cabinet Agree New Death Tax

http://johnbrace.com/2013/07/15/wirral-councils-cabinet-agree-new-death-tax/

I cant find the actual article but I was under the impression that debt dies with you ?

Article posted 15th June
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#807806 - 15th Jul 2013 5:14pm Re: Council Agree New Death Tax [Re: Mark]
venice Offline

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Registered: 21st Jul 2011
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No, not as a general rule I dont think. For probate you have to fill in debts owned by the deceased , to be taken into account as going out from the estate before its assessed for tax.

Some taxes die with you though, like Capital Gains Tax.

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#807807 - 15th Jul 2013 5:30pm Re: Council Agree New Death Tax [Re: Mark]
rossie Offline
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Registered: 7th Oct 2011
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If your assets are disposed after death there is no capital gains tax to pay but if you suffered capital gains tax prior to death the estate has to pay the tax.
Other debts come out of deceased estate after funeral expenses if nothing left family do not have to pay the debts which is were the misunderstanding that your debts die with you comes from.

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#807836 - 15th Jul 2013 6:44pm Re: Council Agree New Death Tax [Re: Mark]
Mark Offline


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Ahhh Thanks Rose
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#808133 - 16th Jul 2013 10:05pm Re: Council Agree New Death Tax [Re: Mark]
level80 Offline
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The executor of the will decides on whether the debts are valid, if so they are paid from the assets of the estate.

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