An annexation; All at sea; CA claims; Voluntary payment
An annexation
The tax consequences of a gift of a main residence annexe to the owners’ children.
We have some potential new clients. They are husband and wife pensioners and require advice on the tax implications of an imminent unusual property sale.
The clients owned a large end-of-terrace London property (well below 0.5 hectares) since 1984. They remortgaged the property in 1990 by £65 000 and used the funds to extend the adjoining garage into two ensuite bedrooms with additional downstairs living accommodation which served admirably with two growing boys and a regular accommodation for granny’s visits.
After the granny died in 2008 the couple obtained planning permission via the Land Registry to partition the “main” house and the annexe into two separate properties. All legal requirements and utility conversions were approved in 2009 with separate rates payable on the annexe in 2010 when...
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