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Gross value for probate
Comments
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Correct - as per your earlier posting from Gov.UK0
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Just going back to the CGT issue. In your earlier post you said that our individual, personal allowances would likely offset any gain from my mum's share of the house but I'm reading that personal allowances wouldn't be used with a trust, a single trust allowance would likely be in affect, which is half the amount of a personal allowance. Is this correct with a life interest?0
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But your father's life interest terminated on his death and the you and your siblings became entitled to the property absolutely. So there is no trust any longer. You and your siblings have beneficial ownership from the date of death.
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