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In January 2004 our client and his wife purchased a large dilapidated manor house and land for £1 000 000 subsequently incurring £500 000 improvement costs.
At the same time the wife’s parents sold their house and gave £500 000 to their daughter who used part of this to purchase the manor.
Her parents purchased another property which they lived in for a year before moving into rented accommodation. Six months later they felt they could no longer look after themselves and considered moving into a residential home but instead were invited to move into the manor with their daughter and son-in-law.
They do not occupy any exclusive accommodation in the house although they do have their own kitchen and bathroom.
The parents’ remaining assets comprise approximately £500 000 of cash and investments. No disclosure has been made of a pre-owned assets tax (POAT)...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
