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Alan, My client is a widow. Her husband died in October 2003. In 1997 her father in law gifted her late husband shares worth £1.1m which qualified for business relief. In March 1998 her father in law passed away leaving her late husband £60k. The FiL also beqeathed a house to his wife for life and thereafter to my clients late husband. The MiL has now relinquished her interest in the life interest. Q1 - When is my clients late husband deemed to become taxable on the property - Is it the 1997 when his father died or now when his mother has relinquished her life interest? Q2 - Or is my client deemed to have received the property now from either her FiL or MiL and steps into her late husbands shoes for tax band purposes? Manus

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Asked on 4 October 2013 6:04 pm