I’m reporting on the sale of assets in a share portfolio owned by an estate, and their reinvestment into the beneficiaries name. I had expected this to be a case of selling the portfolio to cash, executors paying CGT, giving residue to beneficiary, beneficiary reinvesting into new portfolio in their name.
But the adviser wants to transfer the stock in-specie, to avoid having to be out of the market and to avoid the CGT.
Previously when I’ve done this there has been a deed of appropriation. My question is does this have to be a formally drafted legal deed?
I suspect it does, and that a simple in-specie transfer by the adviser would be ineffective for CGT (and could have other adverse consequences!)
I’d be grateful for any advice. Thanks