A gain arising on a disposal by personal representatives is liable to CGT (unless the person acquiring the asset does so as legatee: see ¶62760). In computing their chargeable gains, the personal representatives may set off the costs of obtaining probate, etc. relating to that asset (i.e. expenditure incurred in ‘establishing, preserving or defending’ title to the asset concerned: see ¶14740). Thus, in one case, the personal representatives succeeded in a claim to set off against gains made on the disposal of stocks and shares a proportion of solicitor’s fees incurred in obtaining probate.

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