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Transfers to legatees

The legislation on this matter refers to beneficiaries of deceased estates as ‘legatees.’ For capital gains tax purposes, a ‘legatee’ is any person who takes an asset under a testamentary disposition, or on total or partial intestacy. The asset may be a specific gift under the Will or it may represent value to which the legatee is entitled. The same basic rule applies whether the ‘legatee’ takes the asset beneficially, ie personally or as trustee for someone else. It includes a person taking a donatio mortis causa, which is a gift the deceased made because he was expecting to die.

The basic rule is that if personal representatives (PRs) transfer an asset to a legatee under the terms of the Will or intestacy,