Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Chapter CG30760

Document Cited authorities 2 Cited in Related
Vincent
Published date12 March 2016
Record NumberCG30760

Until assets have been specifically vested or residue has been ascertained no legatee can be certain that he or she will receive an interest in any specific asset. The personal representatives may have to sell that asset in order to raise funds to pay liabilities. Therefore all that the legatee holds during the period of administration is a chose in action, being a right to have the estate properly administered.

This is a principle which has been well established by Court decisions in a number of branches of law. In the context of Income Tax the principle was established by the House of Lords judgement in Rex v The Commissioners for the Special Purposes of the Income Tax Acts (ex parte Doctor Barnardo’s Homes National Incorporated Association) 7TC646. The test was subsequently set out by the Privy Council in the case of Commissioners of Stamp Duty v Livingstone [1965] AC694, 711 where Viscount Radcliffe said

`When the personal estate of a testator has been fully administered by his executors and the net residue ascertained, the residuary legatee is entitled to have the residue as so ascertained with any accrued...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT