A piece of land was inherited by three siblings, each on an equal share. The property was transferred to the names of two of the sisters as trustees of the will. Two years later planning permission was granted on the land and it was sold for a substantial gain. I'm struggling to work out who is required to declare and pay the tax, and have had conflicting answers from HMRC. One answer is the "trust" is required to pay the tax, although there is no formal structure set up, the other is on the owners as per land registry (two of the sisters) and the third is the benenficial owners, which as per the will is the three in equal shares.
My feeling is it should be taxed on the beneficial owners. The will clearly states the land is to be split equally between the three, and they will each receive a third of the gain. If anyone has any experience of this they're willing to share, or details as to where I can get this advice it would be greatly appreciated.