Taxation of Chargeable Gains Act 1992 section 64

Expenses in administration of estates and trusts

Section 64 allows certain administration expenses incurred during the transfer of assets from personal representatives or trustees to beneficiaries to be deducted when calculating chargeable gains on a subsequent disposal of those assets.

• When a beneficiary (legatee) disposes of an asset received from a personal representative or trustee, the costs of transferring that asset to them are allowable deductions against any chargeable gain
• Both the beneficiary's own transfer costs and those incurred by the personal representative or trustee in making the transfer qualify as deductible expenditure
• A "legatee" is broadly defined to include anyone who inherits under a will, on intestacy, or through a deathbed gift (donatio mortis causa), whether they receive the asset for their own benefit or as a trustee
• Assets appropriated by personal representatives to satisfy a cash legacy or any other entitlement under a will or intestacy are treated as property acquired by the recipient as a legatee