My non resident, non domiciled brother ( settlor) set up a Life Time interest trust in a London for our younger brother to live in all his life.
Sadly, my brother passed away over two years ago.
Currently my brother ( the settlor) and myself ( UK resident+ UK domiciled) are the two trustees.
We have tried to sell the property but twice the deals fell through.
Meantime , I am paying very high service charges + rates. Property value is less than £ 325,000.
It had only been used by my deceased brother as his main residence.
Trust has wide powers to distribute proceeds of the sales as and when it happens to anyone in our family but not to the settlor.
There is no mortgage on the flat
Questions:
If we let out the flat while waiting to sell it, will it attract capital gains tax when it is sold?
Would we be able to write of service charges, Council Tax I have personally have been paying from the total rents we receive?
Or if it does not sell soon, give the property to member of the family BEFORE renting it out ? Will CGY have to be pais ? ? Any other better solution?
Thank you
Kumar
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