07 September 2006
I have a relatively new personal tax client and am receiving conflicting advice in relation to identifying the vendor for capital gains tax purposes in the following scenario. In July 2003 — the client inherited an investment property on his father's death. In December 2004 — the property was sold. In March 2005 — the client entered into a deed of variation in favour of an interest in possession trust for his children (election made under TCGA 1992, s 62(7)).
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