CGT persomal representatives

CGT persomal representatives

Didn't find your answer?

If the 3 personal reps are also the 3 beneficiaries of a deceased estate do they always need to transfer a property to themselves first in order to get 3 annual exemptions on sale
Patrick Sharman

Replies (1)

Please login or register to join the discussion.

avatar
By andymeeson
22nd Feb 2005 09:48

Yes
TCGA 1992 s.3(7) sets it out:

"...subsections (1) to (6) above [the annual exemption] shall apply to his personal representatives as they apply to an individual".

"An individual", not "individuals" - therefore the legal personal representative is a singular concept for CGT (even though the role may in practice be filled by multiple people). A sale while acting as LPRs will only get one exemption.

The easiest way to think of it is to remember that the LPRs are, for two years after death, effectively a continuation of the deceased, who also only had one exemption.

Thanks (0)