For CGT purposes, on a person's death, the assets of which he was competent to dispose will be deemed to be acquired by his personal representatives. They will acquire the assets at an amount equal to their market value at the date of death but the deceased shall not be deemed to have disposed of the assets1. For the meaning of 'competent to dispose' see TCGA 1992, s 62(10) — broadly, this is all assets the deceased could have left by Will as well as property held as joint tenants.
Thus there is no CGT charge on death, and the benefit of any increase in value in an asset between the deceased's acquisition of it and his death passes to his personal representatives free of CGT, giving a base value uplift on death. In addition, if a claim for holdover relief (see I3.612) had previously been made in relation to the disposal of the asset to the deceased, there will be no CGT charge attributable to that held-over gain if the deceased still
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 17:46