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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Death and personal representatives: duties of personal representatives:

The first duty of personal representatives is to identify and collect the assetscomprising the Estate. They must also establish the liabilities of the Estate. This willinclude all the liabilities of the deceased at the date of his or her death including anyliability for Income Tax or Capital Gains Tax in respect of transactions occurring beforedeath. In addition there may be a liability for Inheritance Tax on the death and there maybe liabilities in respect of Income Tax and Capital Gains Tax for the period (theadministration period - see CG30260) when the personal representatives are dealing withthe Estate. They also have a duty to turn sufficient of the estate into cash to enablethem to pay the outstanding liabilities.