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Chapter CG31960

Document Cited authorities 1 Cited in Related
Vincent
Published date12 March 2016
Record NumberCG31960
CourtHM Revenue & Customs

The variation in the ultimate destination of the assets of the estate may be made for valuable consideration. This will occur when

  • a legatee enters into a contract to sell his or her entitlement under the will or intestacy
  • a legatee executes a deed of variation in return for valuable consideration

or

  • compromise terms varying the devolution of the estate are included in a `Tomlin’ order under which the plaintiffs agree to give up their right to take further Court action in return for the variation being made.

On a disposal of a future chose in action for valuable consideration the legatee should be treated as having made a disposal for Capital Gains Tax purposes on the date that the non-retrospective variation was effected. The legatee is contracting to deliver to the assignee the assets he or she will eventually receive from the estate. As there is a contractual arrangement TCGA...

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