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
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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.