.png)
.png)
Whether property gifted to daughter falls within scope of pre-owned assets charge.
I am advising a family on the situation regarding what was formerly a family home in which a married couple and their only daughter lived.
When the daughter turned 21 in 2003 both parents agreed to gift their half shares of the home to their daughter.
Checking the Land Registry records it now shows the proprietor as the daughter with absolute title as at September 2003. It also specifies that the property is not to be disposed of without the consent of both parents.
From 2003 the father did not live in the house. He died in 2016 and the property was not included in his estate for inheritance tax purposes. However the mother continued to live in the property.
My question for Taxation readers is whether in the circumstances the mother would be liable to the pre-owned assets charge.
The tax year 2016-17 would be...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
