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Where Taxpayers and Advisers Meet

Selling Property Currently in Trust

mpeill
Posts:7
Joined:Wed Jun 08, 2011 2:25 pm
Selling Property Currently in Trust

Postby mpeill » Thu Dec 15, 2016 11:00 pm

Several years ago, when my father died, my mother put their house into trust, with me and my brother as trustees with responsibility for the upkeep and maintenance of the property.
My mother recenty had to go into a residential care home, funded by our local authority since her personal estate value was less than £14k.
If my brother and I, as trustees, now choose to sell the property currently owned by the trust, and transfer the proceeds into our personal accounts, is there any tax implication for us as individuals, income tax or capital gains tax?

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Selling Property Currently in Trust

Postby maths » Fri Dec 16, 2016 1:55 pm

What date was the property settled on trust?

mpeill
Posts:7
Joined:Wed Jun 08, 2011 2:25 pm

Re: Selling Property Currently in Trust

Postby mpeill » Fri Dec 16, 2016 2:01 pm

17th January 2011


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