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Capital gains made by personal representatives

When a person dies, the assets in the deceased’s estate are deemed to be acquired by the personal representatives (PRs) for a consideration equal to their market value at the date of death. See the Deceased’s capital gains tax position guidance note.

The PRs are treated for CGT purposes as being a single and continuing body of persons, which has the same residence and domicile that the deceased had at the date of death. Therefore even if the personal representatives are all personally UK resident, the estate will be treated as a foreign estate where