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An unmarried couple own properties purchased with unequal contributions.
An unmarried couple own properties purchased with unequal contributions.
I act for an unmarried couple. They own their home 50/50 but he paid 70% while she paid 30%. It was bought with a mortgage and the man pays most because he is the higher earner. At present everything is amicable and the couple see this as a joint venture.
My concern is that although I am sure this is not unusual it seems to me that there is clearly a gift element here. If this is so what are the tax implications?
I am most worried about the gift with reservation of benefit rules for inheritance tax and the pre-owned assets tax both in terms of the initial purchase and the later mortgage payments. Although these are gifts out of income my understanding is that the exemption under IHTA 1984 s 21...
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