Three siblings each owned a one third share of their childhood family home. Only one of the siblings resided in the property until his death. He also owned a residential investment property.
In his will he left his one third share in the childhood home to sibling A. He left the residential investment property to sibling B on condition that she transfer her one third share in the childhood home to sibling A.
For CAT purposes, can sibling B obtain a deduction in respect of the one third share of childhood home that she relinquishes to sibling A?
Does sibling B have a potential CGT exposure on relinquishing her one third share in the childhood home?
Would a CAT/CGT set-off apply in this situation?