Commentary

I4.421 Variations and disclaimers — CGT issues

IHT, trusts and estates

I4.421 Variations and disclaimers — CGT issues

I4.421 Variations and disclaimers — CGT issues

Similarities with inheritance tax

The CGT legislation provides similar, though not identical, provisions to IHTA 1984, s 142 for the purposes of CGT.

TCGA 1992, s 62(6) (see C1.206B) provides that where within the period of two years after a person's death any of the dispositions of the property of which he was competent to dispose1 are varied (or disclaimed) by an instrument in writing made by the persons or any of the persons who benefit or would benefit under the dispositions:

  1.  

    •     the variation or disclaimer shall not constitute a disposal for the purposes of TCGA 1992 (so there can be no chargeable gain and accordingly no CGT charge), and

  2.  

    •     TCGA 1992, s

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