Amendment of the Individual Savings Account Regulations 1998

9.  After regulation 34 (capital gains tax– adaptation of enactments) insert—

“Capital gains tax–administration-period investment

34A.   For the purposes of capital gains tax—

(a) on the occasion when title to an administration-period investment is transferred from the personal representatives to a legatee, the legatee is to be treated as having acquired the investment on the date of transfer and for a consideration equal to its market value on such date; and

(b) on the occasion when title to an investment is transferred from the personal representatives to a legatee after the end of the period in respect of which it was an administration-period investment, there shall be deemed to be a disposal and reacquisition by the personal representatives of that investment at the end of that period and for a consideration equal to its market value at such time and the legatee is to be treated as having acquired the investment for such consideration on the date of transfer.”.