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01 September 2015
Advice is required on the tax treatment of the uplift on a loan repayment.
In 1993 my client Mr P went to live with his girlfriend (Miss Q) in a house that she bought in her name. The purchase price was £65 000. Mr P paid a £30 000 deposit and the £35 000 balance was by a mortgage in Miss Q’s name. The deposit was a loan from Mr P to Miss Q but there was nothing in writing. They each contributed equally to the mortgage repayments and household running costs until they separated in 1996. He moved out and she continued to live in the house and paid the whole mortgage from then on.
In 2011 Miss Q moved out and the property was rented out to third parties until having been vacant for four months it was sold in May 2014 for £285 000.
In 2002...
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