TSEM6078 | Legal background to trusts and estates: value of assets transferred from an estate

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).

Similarly, there is no charge when personal representatives transfer an asset to the person entitled to it. The transfer is deemed to be at the same value as when the personal representatives acquired it (CG31140).