I would be grateful for your views on the following scenario. Many years ago mother purchased a property to live in with her adult son. Subsequently and also many years ago, mother gifted the property to her son and the two of them continued to live there together sharing all outgoings. A few years ago, son made a Will leaving his mother a life interest in the property, remainder to his siblings. In July 2019 mother moved into long term nursing care. Son continued to live alone in the property and then also moved into the same care home as his mother. Son died in January 2020 and mother continues to live in the care home. The property has recently been sold by son’s PRs (in order for the proceeds of sale to be invested for the benefit of mother for the rest of her life) realising a gain (difference between the probate value of the property and sale price) of £19,000. Will this gain be covered by PPR as a result of the final period allowance and, if so, how is it claimed?
Pickering & Butters LLP