I have a trust holding a share of a property, which is about to be sold. The trust is a standard interest in possession trust, with an overriding power of appointment, and the trustees also have a power of investment which includes the power to retain an interest in a property for the occupation of anyone who is or could become a beneficiary under the trust.
For some of the trustees’ period of ownership, the life tenant has lived elsewhere, and the property has been occupied rent free by one of the remaindermen. I believe in these circumstances the trustees can still claim PPR for the period of occupation by the remainderman, but would be interested to learn if any other member of this forum agrees or has claimed the relief in similar circumstances, or indeed if anyone disagrees.
Diana Smart
Gordons LLP