CGT on deceased's share of property

Trusts Discussion
1

Hi

I have an estate where the main residence was split 50/50 tenants in common between Mr and Mrs X. Mr X passed away, Mrs X had a life interest under Mr X’s will, but disclaimed it immediately and the property was listed for sale when the grant of probate was issued.

The property has now sold for £50k more than it was valued at date of death. I’m not involved with Mrs X but I know she will benefit from PPR for the gain on her half of the property.

The life interest from Mr X’s will was not set up, but can his PRs still claim PPR? I believe they could have if the trust was set up. So the doubt I now have is because the life tenant disclaimed the right immediately and the trust was not set up, I don’t think it can be claimed but hoping I’m wrong…

Many thanks in advance

2

S 225A.

You don’t say which beneficiary of the estate occupied the property during the executors’ ownership nor what interest that person had in the proceeds of sale. The widow won’t count as she gets none of the proceeds (of the estate’s share). Is there, say, a son living at home who gets 75% or more?

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