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In July 1998, mother and father purchased a holiday home in Portugal outright for cash. For inheritance tax purposes and to avoid potential duties in the foreign country it was agreed that the home should be purchased in the name of their three adult children.
In July 1998 mother and father purchased a holiday home in Portugal outright for cash. For inheritance tax purposes and to avoid potential duties in the foreign country it was agreed that the home should be purchased in the name of their three adult children.
Thankfully mother and father are still both alive seven years later and the families continue to enjoy using the property which is not rented out. Mother and father have never lived there on any semi-permanent basis and never spend more than two full weeks there at any one time. Possibly they may spend up to eight weeks per year in the property but as it sleeps up to eight people the house is often occupied by other family members.
Will the new pre-owned assets tax affect mother and father and if so how will the rental value be...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
