Non-retrospective variations: action in legatee's office
If you are advised
- that your taxpayer is a legatee of an estate whose terms have been varied as described above
- that variation is not retrospective to the date of death
- that the assets involved were vested in the personal representatives at the date the non-retrospective variation was executed
then you should establish whether or not the non-retrospective variation was executed for valuable consideration.
If it was executed for valuable consideration you should seek computations for the gain or loss arising on the disposal occurring on the date the variation was executed following the principles set out in CG31961 - CG31990.
If it was not executed for valuable consideration you should
- establish on what date any asset involved vested if this information is not already available
- seek computations of the gain or loss arising on the disposal occurring on that date the asset vested on the basis of the principles set out in CG32001+.