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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
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Personal representatives: beneficial ownership: Scotland

For estates in Scotland there is no assent to the assets vesting in the legatee and no equivalent to the Administration of Estates Act 1925. As a result, executors do not have a specific power to distribute assets in advance of residue being ascertained unless further such powers are provided in the will. Where the will does not contain such a power, or there is no valid will, therefore, it is arguable that the executor is able to make only a revocable distribution of the assets to legatees, in advance of the residue being ascertained. We would not accept a revocable distribution as vesting the beneficial ownership of the asset in the legatee. However, care should be taken in advancing this argument without first consulting with Trusts & Estates Technical in Edinburgh.