Christine's death certificate

[bombaysaffires]

Originally Posted by David

What year did Chris sell her songs to the Man? Maybe her tax bill is a result of that — maybe her accountant fully expected to have to settle up.

someone in the uk explained it better in either this thread or in the Christine forum thread... but over a certain amount ..s something like £320,000 the UK gov't taxes estates/inheritances at 40% or almost half. So the estate is facing a tax bill for the inheritance unless they can do whatever they need to do to protect that money or else have to pay that huge portion to the taxman. That's why there are taxes listed and the amount is so high.

[David]

Originally Posted by bombaysaffires

someone in the uk explained it better in either this thread or in the Christine forum thread... but over a certain amount ..s something like £320,000 the UK gov't taxes estates/inheritances at 40% or almost half. So the estate is facing a tax bill for the inheritance unless they can do whatever they need to do to protect that money or else have to pay that huge portion to the taxman. That's why there are taxes listed and the amount is so high.

That makes sense to me. Chris realized a huge capital gain when she sold her song rights. Of course, so did the others, so they’d better have planned for it.

[Ulpian]

Originally Posted by bombaysaffires

someone in the uk explained it better in either this thread or in the Christine forum thread... but over a certain amount ..s something like £320,000 the UK gov't taxes estates/inheritances at 40% or almost half. So the estate is facing a tax bill for the inheritance unless they can do whatever they need to do to protect that money or else have to pay that huge portion to the taxman. That's why there are taxes listed and the amount is so high.

The money can’t be “protected” if it formed part of her personal estate when she died. If Christine was English/U.K. domiciled for tax purposes on death, which I’d say she was, the bill is due regardless of where her assets were on death. I can’t see any way around paying the liability if it’s on stocks/cash/real property, and I do this for a living…

Suspect she needs both US and English probate. That’s why the US court is involved. They need to be able to access liquidity to pay, and by the sound of it Christine’s wealth was mostly held in the US. They may be petitioning the court there to ask it to allow monies to be freed up so that the tax in the U.K. (due on her worldwide estate) can be paid.