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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Legatees: acquisitions: acquisition value

The acquisition value will also be market value at the date of death. Where a single asset passes to a legatee this is straightforward. Where divisible assets such as a holding of shares have to be shared out amongst legatees or where legatees become joint owners of an indivisible asset such as land, the acquisition cost of each legatee’s share is an appropriate fraction of the market value of the holding or asset acquired by the personal representatives, see CG74244.