Death itself does not give rise to a charge to capital gains tax (CGT), whether or not the assets are the subject of a testamentary disposition (TCGA 1992, s. 62). The assets of which the deceased was competent to dispose (see ¶367-225) are deemed acquired by the deceased’s personal representatives (¶367-525) for a consideration equal to their market value (¶367-250) at the date of death (TCGA 1992, s. 62(1)(a)).

Position in Scotland

Similar provisions to those outlined above exist in respect of the application of the law in Scotland to the liability to tax on death (TCGA 1992, s. 63).

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