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seanferguson13
seanferguson13, Solicitor
Category: Law
Satisfied Customers: 31
Experience:  3 year qualified solicitor with expertise in UK taxation.
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we have a property held under a deed of trust with her son

Customer Question

we have a property held under a deed of trust with her son to protect it from a villainous ex husband.The property is now being sold for 169,995 with a loan repayment of 90,000 to pay.Does capital gains have to be paid on this, how much and by whome trustee or house owner.We live in rental property and have no other property
Submitted: 2 years ago.
Category: Law
Expert:  seanferguson13 replied 2 years ago.
Customer: Hi Capital gains is in point but if the property is lived in by mother and son and they are the sole beneficiaries of the trust then they can claim principal private residence relief if the house is their main residence.For the relief to apply, a claim must be made by the trustees under section 225 of the Taxation of Chargeable Gains Act 1992, along with mother and son within 2 years of the claim.The application of the relief will result in no capital gains tax being due.However, if there are other beneficiaries or the house is not their main residence, then capital gains tax will be due.Kind regardsSean
Customer:

Hi

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do you have any other questions? If not I would be grateful if you could rate and close this questions. Kind regards

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