House held in trust sold, what tax liabilities?
House held in trust sold, what tax liabilities?
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HOGEPH

Original Poster:

5,249 posts

216 months

Tuesday 1st March 2016
quotequote all
Anyone got an idea of the answer before I consult an accountant?

Recently sold my late father's house, which was held in trust by 3 trustees, one of whom was resident in the property.

Does CGT come into it somewhere?

Ozzie Osmond

21,189 posts

276 months

Tuesday 1st March 2016
quotequote all
You need an accountant and/or solicitor for that one.

The answer will depend on the detailed terms of the trust and why a trustee seems to benefiting from the trust property (living in the house).

STattam

119 posts

247 months

Wednesday 2nd March 2016
quotequote all
I assume the trustee was also a beneficiary? In which case the trustees can elect main residence relief if discretionary, or automatic if right tonresidebie life tenant. I am STEP adviser so could assist here if required.