Scenario 5

Mr and Mrs Jones (both UK domiciled) learn that Mrs Jones is terminally ill. Mr Jones has an investment portfolio which is pregnant with unrealised gains. He is aware that his wife's will is drafted so that he will inherit her estate upon her death. He therefore gifts his wife his investment portfolio in the expectation (subsequently realised) that, on her death he will recover ownership of these assets at a substantially increased base cost for capital gains tax, without any adverse inheritance tax consequences.

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