Richard Sherratt

Hi, My Mother and Step-Father put their house into a trust in 2013 with my wife and myself as Trustees. I have a copy of a letter from the solicitor who dealt with it to them stating: "I write to confirm that your property has been transferred into the names of" my wife and myself" but only as trustees and they are holding the property on trust for your benefit" The Title Deed from the Land Registry shows my wife's and my names as registered owners and a price of £150,000 My step-father passed away 18 months ago and the house passed to my mother in his will. My Mother went into a care home and we sold the house in October 2023 for circa. £203,000 after costs. My personal belief is that it was my Mother's house and therefore the money will be used to fund her care (she is currently 98). However, despite turning the house upside down and talking to the solicitor who created the Trust, we have not been able to find a copy of the trust document. My Step-Father had undiagnosed Dementia for a time before he died and he went through a phase of shredding papers he didn't want anybody to see. We have to assume that the Trust document was one of those. Are my wife and I liable for CGT? If so, do we both report it as a gift of 50% of the price in 2013 and 50% of the selling price in 2023? I would rather get this sorted now so that it doesn't come back to bite us in the future. Thanks