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HMRC internal manual

Capital Gains Manual

Death and Personal Representatives: Personal representatives and their liabilities: Personal representatives: computing gains: normal rules apply

The normal computational rules apply for gains accruing to personal representatives, remembering that the assets involved are treated as having been acquired at market value at the date of death, see CG30730. Any unused losses incurred by the deceased before the date of death cannot be brought forward to set against capital gains of the personal representatives.

Where the asset disposed of is a dwelling-house that has at some time in the period of administration been a residence of a person who is a legatee private residence exemption may be available, TCGA92/S225A. See CG65460 for details.

In computing the gains it is necessary to decide what amount of incidental expenses is allowable in the computation. The bases used by Solicitors to charge personal representatives for administering Estates of deceased persons are set out in CG30550. For many cases this may lead to difficulties in establishing the figure that should be treated as the incidental expenditure of the personal representatives in acquiring the asset. In order to solve this problem the procedures set out in CG30560+ should be followed.