Meeting Points - Pre-Owned Assets Tax

03 March 2005 / Ralph Ray

Issue: 3997 / Categories: Events

CLT Conference 3 February 2005. Speakers quoted: Chris Whitehouse, barrister, 5 Stone Buildings, Lincoln's Inn Emma Chamberlain, barrister of the same Chambers. Reported by Ralph Ray CTA(Fellow), TEP, BSc(Econ), solicitor consultant to Wilsons of Salisbury (www.wilsonslaw.com) Note: The expected Regulations and Guidance Notes were not yet available at the conference. Unless otherwise stated paragraph references are to FA 2004 Schedule 15.

CLT Conference 3 February 2005.
Speakers quoted:
Chris Whitehouse barrister 5 Stone Buildings Lincoln's Inn
Emma Chamberlain barrister of the same Chambers.
Reported by RALPH RAY CTA(Fellow) TEP BSc(Econ) solicitor consultant to Wilsons of Salisbury (www.wilsonslaw.com)
Note: The expected Regulations and Guidance Notes were not yet available at the conference. Unless otherwise stated paragraph references are to FA 2004 Schedule 15.

Cash gift and sale together

Chris Whitehouse said that if children are purchasing the property from parents using cash previously gifted to them by their parents it will cause pre-owned asset problems because the contribution condition has been breached.
But what if the children buy from their own resources and then subsequently the vendor gives the cash away? Provided the children have sufficient cash in their own right not derived from gifts made previously to them by the parents...

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