CGT transfer of an asset to trustees

Trusts Discussion
1

Hi

A trust was created in a Will but the asset/property was not transferred into the name of the trustees during the period of administration. Now looking to transfer the asset into the names of the trustees a few years later. My understanding is that it would be the date of death value taken and not the value as at the actual date of transfer some years later, so no CGT implication. Would you agree in these circumstances?

Thanks

2

TCGA 1992 s62 provides:
"(4)On a person acquiring any asset as legatee (as defined in section 64)—
(a) no chargeable gain shall accrue to the personal representatives, and
(b) the legatee shall be treated as if the personal representatives’ acquisition of the asset had been his acquisition of it.

Hence, date of death value taken.

Malcolm Finney