If only 1 variation is made, containing the s.62(6) Taxation of Chargeable Gains Act 1992 declaration, the new beneficiary will be deemed to acquire the assets as legatee under s.62(4) TCGA – i.e. at the date of death value – regardless of whether such assets have been appropriated or distributed to the original beneficiary as at the date of the variation.
In the situation under consideration, if the LPRs of the, now deceased, original beneficiary wish the new beneficiary to have the benefit of the uplifted CGT base value, as will often be the case where the original beneficiary has died, the variation affecting those assets should omit the CGT declaration, so that the new beneficiary will take as legatee on the second death.
Where there are unadministered assets in the first estate, a CGT declaration may still be required.
It seems to me that the article by Mr Sokol addresses a different aspect and which does not directly impact the above.