A husband and wife bought a third share in the wife’s mother and father’s property in 2003. The third share in the property formed the initial trust fund (no further assets were added to the trust fund). The wife’s father died in 2013. The wife’s mother died in May 2019.
The husband and wife have a transitional serial interest/successive life interest in the property. The house is being held as the only asset in a continuing discretionary trust. The class of discretionary beneficiaries include the parents, the husband and wife and their two children. The husband and wife want to sell the property.
A CGT uplift is available from the date of the mothers death to date of sale (rather than from the value at acquisition to date of sale) as long as the assets do not revert to the settlor.
Is the CGT uplift available in these circumstances?
Cat Moss
Birketts Solicitors