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Only the capital gain or loss made in relation to an asset that you hold at the time you die and which passes under your will or on intestacy to a legal representative or beneficiary - either directly or through the legal personal representative - is disregarded.
How the special rule that disregards a capital gain or loss applies depends on whether you die before 20 September 1985 or on or after that date.
In administering and winding up your deceased estate, a legal personal representative may need to dispose of some or all of the assets of the estate. Assets disposed of in this way are subject to the normal rules and any capital gain the legal personal representative makes on the disposal is subject to tax.
Similarly, it may be necessary for the legal personal representative to acquire an asset - for example, to satisfy a specific legacy you make - and any capital gain or loss made on disposal of that asset by the legal personal representative is subject to the normal capital gains rules.
If a beneficiary sells an asset they have inherited, the normal capital gains rules also apply.
Last modified: 18 Sep 2009QC 18323