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Client X acquired at arm's length and for full consideration a residential property (this was not his main residence or sub-let) in September 1985 and in June 1991 he gifted 50% to his wife.
Client X acquired at arm's length and for full consideration a residential property (this was not his main residence or sub-let) in September 1985 and in June 1991 he gifted 50% to his wife.
In August 1992 they granted a 999-year lease to their two adult children commencing in 2013 at a peppercorn rent for no consideration i.e. a reversionary lease arrangement. In September 1992 X transferred his remaining 50% share to his wife who then owned 100% subject to the 999-year lease. Following her move into a care home the wife transferred the whole of her interest in the property to X in February 2004.
The wife died in December 2004 and X remarried in August 2006. The property has been used as a holiday home by X his wife family and friends free of charge over the years of...
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