Die: After the individual has died, “the step-up basis” rule resets the tax base to current market value (referred to as “rebasing” in the UK). The heirs then inherit assets with no capital gains liability. “The gain is simply wiped on death,” said Mr Little.Borrow: Once you’ve taken ownership of an appreciating asset, you’re then in a position to borrow against it. In the US, this can be in the form of a loan, which the super-rich use to fund their lifestyle but in a tax-efficient way. Mr Little added: “Lo ...