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My clients are father and son. Father owned a house, previously lived in by his (now deceased) mother-in-law. Following her death, he gave a 1/8th share of the empty property to each of his son and daughter in 2002-03 and another 1/8th share each in 2003-04. The capital gain fell within his annual exemption each year. In 2004-05 the property was sold realising a gain for all three owners.
The father persuaded both children to sign something to the effect that the sale proceeds would be remitted in full to him by the purchaser.
My clients are father and son. Father owned a house previously lived in by his (now deceased) mother-in-law. Following her death he gave a 1/8th share of the empty property to each of his son and daughter in 2002-03 and another 1/8th share each in 2003-04. The capital gain fell within his annual exemption each year. In 2004-05 the property was sold realising a gain for all three owners.
The father persuaded both children to sign something to the effect that the sale proceeds would be remitted in full to him by the purchaser.
To date the father has kept the sale proceeds which are earning interest on deposit in his own name. Interest was first paid in respect of the sum in 2005-06. It would seem that as this money in part belongs legally to his son and daughter a proportion of this interest...
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