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Deducting income tax and CGT for estate duty

IN 1789 Benjamin Franklin said that ‘in this world nothing can be said to be certain, except death and taxes’. He was right about death—but anyone who has had to interpret our tax laws would know that the task is fraught with uncertainty.

This article examines whether income tax (including CGT) can be deducted from the net value of an estate for estate duty purposes. It also raises the question of whether subjecting taxpayers to estate duty on post-death asset growth is appropriate.

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