I took up my father's right to buy in our council home some years ago. Although my name was on the purchase deeds and mortgage we had a trust deed written up to recognise our beneficial interests in property as follows:-
1. Dad 40%
2. Sister 30%
3. Me 30%
The deed confirmed our intentions to live in property and jointly make mortgage payments etc. I would act as trustee and "...hold property in trust to sell the same with power to postpone the sale thereof..." with power to postpone sale if sold hold net proceeds in trust for
Dad died some years ago and me and sister moved out of property very recently. The property has recently been let out.
We now want to sell the property and were wondering if we will be taxed as a trust or individually for our share of the gain and if we can claim ppr exemption and letting relief?
I understand that some trusts can be ignored and the beneficiaries would be taxed as if the trust never existed.
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