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In March 1999, Mr and Mrs A transferred a one-third share in their home to their son Mr B. Their home has always been the parents' only or main private residence, which they have occupied rent free.
In March 1999 Mr and Mrs A transferred a one-third share in their home to their son Mr B. Their home has always been the parents' only or main private residence which they have occupied rent free.
For practical and inheritance tax reasons Mr B has agreed to transfer back his one-third share to his parents. The transfer will give rise to a substantial capital gain for Mr B. We understand that HMRC generally agree to a discount of around 15% where there is partial ownership. However as the parents are sitting tenants and as no rent has been paid are there grounds in this situation for seeking a larger discount?
Readers' thoughts are welcomed.
Query 17 152 — No Duty.
Reply by David Collison:
The market value of any asset is the amount a real person would be prepared to pay in...
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