I hope someone can clarify the base cost of a property
If a life tenant releases her life interest to her children in a property which was valued say £350,000. I understand this is a PET by the Life Tenant. If the children then sale the property for £375,000. Am I correct that the base cost is £350,000 and the beneficiaries have made a gain of £25,000. The Probate value of the property was £260,000 when the Life Tenant acquired her interest when her Husband died a few years back
Thank you
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