Hi,
I am looking at the Capital Gains Tax computation and unsure whether I could claim PPR relief.
Husband (H) and Wife (W) Purchased a Property on 16 May 1988 for £13,000. We are still waiting to review the Conveyance document and the property was not registered. The amount was paid by their son (s) and daughter in law (D). There was a declaration of Trust where the said freehold property was conveyed to the H & W as trustees for the said S and D.
The deed Witnesseth that H & D agree that they will at the request and cost of the said S and D transfer the property to such person/s as such time or manner deal with the same as the said S & D shall direct or appoint.
H and W lived in the property rent free, since it was purchased. H died couple of years back and W continued to live in the property until she moved to a care home.
S and D decided to sell the property and they found the buyer.
From the wordings, Is this a Bare trust held the property for the benefit of S and D. On the sale of the property, can S and D claim PPR relief for the period H and W lived in the property? Even though the declaration of trust did not expressly mention that the trustee can live in the property, can we take it is implied?
Thank you very much in advance.