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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Non-retrospective variations: assets still vested in PRs

On a sale of an interest in the estate for cash the total consideration given will be immediately apparent. However where the variation was made in return for the assignee giving up a right to take Court action it will be necessary to value the consideration. This value should be taken as equal to the sum that a person would have been prepared to pay to acquire such an interest on the assumption that

  • that person had obtained information about the assets that were likely to vest from the estate


  • had then discounted the likely value of those assets for the uncertainty of

    • when the assets will vest


    • whether particular assets will vest.