AITI Chartered Tax Adviser

What is the valuation date?

The valuation date is the date on which the property is retained on behalf of the beneficiary. Retainer is not the same as holding property on trust by trustees to carry out trust purposes. It is the date on which the beneficiary becomes entitled to call for the property to be handed over to him.The valuation date of a taxable gift is the date of the gift. The valuation date of taxable inheritance (apart from a donatio mortis causa, or failure to exercise a power of revocation) is the earliest of the following dates:
(a) the earliest date on which the deceased’s personal representative or trustee is entitled to retain the inherited property on your behalf,
(b) the date on which the property is so retained by the personal representative,
(c) the date on which the property is delivered or paid to the beneficiary or his representative.