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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Legatees: computing gains arising to: normal rules apply

When an asset has vested in a legatee the capital gain or allowable loss on a subsequentdisposal of the asset accrues to that legatee. In computing that gain or loss the normalCapital Gains Tax rules should be applied remembering that the asset is treated asacquired at the date of death at the market value or the appropriate fraction of themarket value at which the assets passed to the personal representatives on that date, seeCG31140+.