An individual dies on 5 March 2020 holding some shares in a trading company worth £100k. It takes the lawyers six months to get the estate in order, and to settle the bequests in the Will. The shares are to go to the son of the deceased as per the Will, and are so transferred on 5 September 2020.
I'm assuming that most would agree that the value/base cost attributable to the shares transferred to the son would be £100k, this being the probate value (or value at the date of death), regardless of whether in those intervening six months there had been any movement in their value.
But, when did the son take ownership of the shares? I've not had to consider this scenario before, but would've expected it would be March 2020, so that the acquisition date was in line with the value placed on the asset at that time, but how does this stack up against how the estate is taxed on income arising in the admin period, prior to the son acquiring the shares?! It seems wrong to take the March value with the September date?