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A widow occupied a house that she owned jointly with a discretionary settlement of which she was one of the class of beneficiaries. The Capital Taxes Office has accepted that this did not create an interest in possession, so on her death the value of the property was excluded from her estate. The property has now been sold.
The case of Sansom and Another v Peay [1976] STC 494 suggests that the only or main residence relief may be available to claim against the capital gain that has now arisen.
Is this possible, as this seems too good to be true?
A widow occupied a house that she owned jointly with a discretionary settlement of which she was one of the class of beneficiaries. The Capital Taxes Office has accepted that this did not create an interest in possession, so on her death the value of the property was excluded from her estate. The property has now been sold.
The case of Sansom and Another v Peay [1976] STC 494 suggests that the only or main residence relief may be available to claim against the capital gain that has now arisen.
Is this possible, as this seems too good to be true?
If so, is it then possible to claim only or main residence relief for the period after the widow died, until the property was sold — i.e. for the last three years?
Readers' thoughts on this topic are welcome.
Query T16,682
