Can anyone please advise on the following.
Back in 1985 our mother passed away and left a trust. The trustees was my Father, brother, sister and myself. In 1992 my Father used the trust to purchase a bungalow to the value of £170,000. The bungalow remains in the trust. My Father eventually remarried. His wife was given a life interest in the trust.My Father passed away in 2010 and his wife has just recently passed away. We would now like to dissolve the trust and sell the bungalow. It's approximately valued at £400,000.
Would we need to pay inheritance or capital gains tax ?
Can anyone please advise.
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