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Potential issues with property transfers.
An elderly client has gifted the following properties to her son:
1) A gift of property 1 worth £0.5m three years ago. CGT paid on transfer.
2) A gift of property 2 worth £0.75m two years ago. CGT paid on transfer.
3) Sale of property 3 for £1m one year ago and the proceeds gifted to her son.
The son is now planning to sell properties 1 and 2 and buy a house with four floors for about £3m. Along with the proceeds received (including 3) he will use his own £0.75m to make up the difference. The idea is that the ground floor will be for the mother’s occupation (as she has mobility issues) and they are looking for a self-contained unit with its own bathroom and kitchen.
The mother is not expected to pay rent. The son will also pay any...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
