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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
, see all updates

Non-retrospective variations: action in assignee's office

If you are advised

  • that your taxpayer is an assignee of assets of an estate whose terms have been varied as described above

and

  • that variation is not retrospective to the date of death

and

  • 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 that information is not provided.

If it was executed for valuable consideration you should seek computations of the gain or loss arising on the disposal occurring on the date the assets vest on the basis of the principles set out in CG31971+.

If it was not executed for valuable consideration you need only note the basis applying in arriving at your taxpayer’s acquisition cost for the assets involved.