Sch 11 para 7
(1) Where an individual who is entitled to a security dies, for the purposesof this Schedule— (a) he shall be treated as transferring it to his personal representativesimmediately before his death, and (b) he shall be treated as obtaining in respect of the transfer an amountequal to the market value of the security at the time of the transfer. (2) Where a security is transferred by personal representatives to a legatee,for the purposes of paragraph 5 above they shall be treated as obtaining inrespect of the transfer an amount equal to the market value of the securityat the time of the transfer. (3) In sub-paragraph (2) above “ legatee ” includes any person taking (whether beneficiallyor as trustee) under a testamentary disposition or on an intestacy or partialintestacy, including any person taking by virtue of an appropriation by thepersonal representatives in or towards satisfaction of a legacy or otherinterest or share in the deceased’s property.