Settlors put their residence into a life interest trust in 2012 for their benefit for lifetime then to charity (2/3) and family (1/3). Various assignments have taken place since 2012, the most recent being that and charitable remainderman has assigned the majority of their interest back to the settlors. The settlors now own this portion of the property outright again.
In terms of CGT, who is responsible for addressing the potential event with HMRC – the settlors, the trustees or the charity?
Assuming that the settlors are entitled to occupy the property (which seems likely) any gain arising on a disposal of the property by the trustees should qualify for private residence relief [TCGA 1992 s 225].
No CGT should arise on the assignment by the remaindermen.
If private residence relief is unavailable for any reason any gain on a property disposal by the trustees will be for the trustees account [TCGA 1992 s77 no longer applying].