Commentary

C2.205 Assets acquired by inheritance

Capital gains tax
Capital gains tax | Commentary

C2.205 Assets acquired by inheritance

Capital gains tax | Commentary

C2.205 Assets acquired by inheritance

On the death of an individual, the assets of which he was competent to dispose are deemed to be acquired by his personal representatives, or such other person upon whom they devolve, at their market value at that date1. The deceased is not deemed to have disposed of the assets, however2. Although on death there is deemed to be an acquisition without a corresponding disposal, the restriction of consideration deemed to be given for the acquisition3 does not apply4.

On a disposal of assets by the personal representatives to a legatee, the legatee is treated as

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