I have an estate where deceased purchased property as joint tenants with her two children, children made no contribution to purchase price.
The straight forward CGT position seems to be CFT uplift on 1/3 with the children base costs being 2/3 of original purchase price, mother having made a GWROB.
However, I am wondering whether it could be argued that when the property purchased the deceased created a trust of land with children as trustees to allow her to live in the property for the rest of her life, thereby having an interest in possession of the whole, which will allow for CGT uplift on the whole.
Would appreciate other’s opinion.
QS Rose & Rose