Death and Personal Representatives: Variation of the devolution of an estate: Deeds of disclaimer:Variations: estate: disclaimers: CGT: if conditions satisfied
TCGA92/S62 (6) & (7)
If the conditions set out in CG31490 below are satisfied the disclaimer will be treated for Capital Gains Tax purposes
- as not being a disposal
- as if the disclaimed benefit had not been conferred by the will or intestacy.
In other words the effects of the disclaimer are treated as being retrospective to the date of death.
If the conditions in CG31490 are satisfied, there will be no chargeable occasion for the personal representatives either on the occasion of the disclaimer or when the assets vest in the remaining legatees.
Whether or not the assets have already vested in the legatee, there will be no chargeable occasion for the legatee on the occasion of the disclaimer.