Part III Individuals, partnerships, trusts and collective investment schemes F4etc
Chapter I Miscellaneous provisions
64 Expenses in administration of estates and trusts.
1
In the case of a gain accruing to a person on the disposal of, or of a right or interest in or over, F1an asset held by another person as trustee, or as a personal representative of a deceased person, to which he became absolutely entitled as legatee or as against the trustee—
a
any expenditure within section 38(2) incurred by him in relation to the transfer of the asset to him by the F2personal representative or trustee, and
b
any such expenditure incurred in relation to the transfer of the asset by the F3personal representative or trustee,
shall be allowable as a deduction in the computation of the gain accruing to that person on the disposal.
2
In this Act, unless the context otherwise requires, “legatee” includes any person taking under a testamentary disposition or on an intestacy or partial intestacy, whether he takes beneficially or as trustee, and a person taking under a donatio mortis causa shall be treated (except for the purposes of section 62) as a legatee and his acquisition as made at the time of the donor’s death.
3
For the purposes of the definition of “legatee” above, and of any reference in this Act to a person acquiring an asset “as legatee”, property taken under a testamentary disposition or on an intestacy or partial intestacy includes any asset appropriated by the personal representatives in or towards satisfaction of a pecuniary legacy or any other interest or share in the property devolving under the disposition or intestacy.
Word in Pt. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2