CGT usufruct

Hi Can anyone confirm the following: (French) property "donated" by parents (becoming usufructuaries) to their children (becoming bare owners) 30 years ago. Or more precisely as per the contract, parents have the full rights of the property to live in etc... the only rights of the children on the property only apply, on the death of the parents. So no rights on the property until the last death. Property is then sold the following year by the children. Is CGT calculated from the date of the contract or from the date of the last death? I'm assuming that HMRC will consider the property to be a second home to the bare owner on the death of the last usufructuary? Thank you for your help

Hi,

The CGT liability of the children who inherited a share of the French property would be calculated from the date on which the second parent passed away.

With regards your second home query you can see guidance on Private Residence Relief here:  

Tax when you sell your home

Thank you.