62 Death: general provisions
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

62  Death: general provisions

(1)     For the purposes of this Act the assets of which a deceased person was competent to dispose—

(a)     shall be deemed to be acquired on his death by the personal representatives or other person on whom they devolve for a consideration equal to their market value at the date of the death, but

(b)     shall not be deemed to be disposed of by him on his death (whether or not they were the subject of a testamentary disposition).

(2)     Allowable losses sustained by an individual in the year of assessment in which he dies may, so far as they cannot be deducted from chargeable gains accruing in that year, be deducted from chargeable gains accruing to the deceased in the 3 years of assessment preceding the year of assessment in which the death occurs, taking chargeable gains accruing in a later year before those accruing in an earlier year.

[(2A)     Amounts deductible from chargeable gains for any year in accordance with subsection (2) above shall not be so deductible from any such gains so far as they [are—

(a)     gains that are treated as accruing by virtue of section 87[, 87K, 87L] or 89(2) (read, where

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