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21 July 2015
Does a chargeable gain arise because one spouse vacated a home before another?
I have lasting power of attorney for Mr A who moved to a nursing home in December 2014. Before that he lived in the same house since 1961. The house was initially owned with his wife as joint tenants but in 1999 the arrangement was severed and they became tenants in common. Mrs A died in October 2011. Probate was not obtained because all the bank and savings accounts were in joint names and these and two small shareholdings were simply transferred to Mr A.
It is now necessary to sell the house and one of the executors of Mrs A has obtained probate. The terms of Mrs A’s will are that her share of the house is to be held on trust for a number of beneficiaries – these include two charities two minor children and several residents of...
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