My clients are a husband and wife who owned a substantial country house sitting in approximately three acres of gardens. As they became older they found the property too large for their sole use. Rather than move to a smaller property the house was relatively easily subdivided into three self-contained flats and their son and daughter with their respective spouses have moved into the property. This has the advantage that they are close by to care for the parents.
The freehold of the property has been conveyed into the joint names of parents son and daughter and they have granted long leaseholds to themselves for the flats but each has the use of the whole jointly-owned gardens.
While — one hopes — not an immediate problem the question that has occurred to me is what would be the capital gains tax...
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