Transfer trouble

13 July 2010

Issue: 4263 / Categories: Forum & Feedback , Bennet v Bennet , POAT , TCGA 1992 , Capital Gains , Inheritance Tax , Only or main residence

A mother transferred her only or main residence into the name of her son in 1999, but has lived in it since then. The property is now to be sold

Our client’s parents jointly held a property. The father died in 1998 and the property passed to our client’s mother who in 1999 transferred the property to my client’s sole name. The value at that time would have been around £100 000.

The reason for the transfer appears to have been based upon rogue inheritance tax advice at the time. No trust was created; no elections were or have been made; and no capital gains tax was paid at that time.

Our client is married and he has a 16-year old child in full-time education his wife is not working and they own their main residence. Our client has spent certain periods living with his mother – approximately one day a week and sometimes more owing to her declining health over the past few years.

Our client’s mother is now extremely frail and needs to...

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