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#807800 15th Jul 2013 3:51pm
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Mark Offline OP
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Wirral Council’s 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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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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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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Mark Offline OP
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Ahhh Thanks Rose

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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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