A friends mother died a couple of years ago and her son dealt with the probate .
The house she lived in was held as tenants in common with 50% hers and 50% held under a will trust set up by a deed of variation following her husbands death back in 2003.eg a life interest trust
Her son assuming that his late dads property was in a trust asked HMRC for a UTR reference and filed a trust tax return which caused a £30k cgt liability ouch!
I believe that the trust return was not needed and the trust asetts eg half the house should have been reportable for IHT..in which case the total property gross value was only £700k less selling costs etc and would have been under the property nil rate band
is it possible to get the revenue to relook at this and reclaim the £30k cgt tax unnecessarily paid??
many thanks
Paul
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