Commentary

C1.213 Trustees in bankruptcy

Capital gains tax
Capital gains tax | Commentary

C1.213 Trustees in bankruptcy

Capital gains tax | Commentary

C1.213 Trustees in bankruptcy

Capital gains tax treatment of assets in bankruptcy—general rule

In relation to assets held by a trustee or assignee in bankruptcy or under a deed of arrangement, the capital gains provisions apply as if1:

  1.  

    •     the assets were vested in the bankrupt or debtor, and

  2.  

    •     the acts of the trustee or assignee in relation to the assets were the acts of the bankrupt or debtor

Therefore, acquisitions from, or disposals to, the trustee or assignee by the bankrupt or debtor are ignored for capital gains tax purposes.

Capital gains tax on any chargeable gains which accrue to

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