I’m not sure I fully understand Jack’s detailed analysis.
On a disposal the issue for CGT purposes is whether it is made by the PRs qua PRs or the relevant beneficiary.
Any disposal during the administration of an estate is, and can only be, a disposal by the PRs because during administration no beneficiary possesses any interest in the asset concerned (only a chose in action).
As and when the PRs cease to be PRs and become trustees (which occurs on completion of the administration), they are bare trustees holding the asset for the beneficiary who is absolutely entitled to the asset. Thus, should a disposal be effected by the trustees, their actions are regarded as those of the beneficiary for whom the asset was being held and any CGT charge falls on the beneficiary. The base cost of the asset will be deemed to be its market value at the date of death at which time the legatee is deemed to have acquired it.
Even in the absence of an assent, any equitable interest passes to the beneficiary when the administration completes,
Where there may be doubt as to whether a disposal has been made by the PRs qua PRs or PRs qua bare trustees it would seem that it will be assumed the sale has been effected by the PRs qua PRs.
Malcolm Finney