Legal background to trusts & estates: administrators - value of transferred assets
For capital gains tax purposes, personal representatives are deemed to have acquired the assets at the date of death. The deemed acquisition is at the market value. The death is not an occasion of charge. (CG30320 onwards). External customers can find this guidance onwards from www.hmrc.gov.uk/manuals/cgmanual/CG30320.htm .
Similarly, there is no charge when personal representatives transfer an asset to the person entitled to it. he transfer is deemed to be at the same value as when the personal representatives acquired it (CG31140). External customers can find this guidance at www.hmrc.gov.uk/manuals/cgmanual/CG31140.htm.