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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Legatees: sells interest in estate before assets vest

It can sometimes take a considerable time before residue of an estate is ascertained andthe assets distributed to the legatees. Because of this a legatee who wishes to raisemoney quickly may decide to sell his or her interest in the estate to a third party. Thelegatee will probably have to sell at a discount compared to his or her likely expectationof the amount to be received from the estate because the purchaser has no certainty as toprecisely what assets will eventually vest from the estate and when those assets willvest.