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MrEnigma
Posts: 108 Forumite
Hi group.
Last June my mother gifted me her house which was at the time worth £285000.
I was renting a property at the time, so thought it best to move in with her.
Question is: Do I have to charge her rent? In order to comply with any tax rules.
Last June my mother gifted me her house which was at the time worth £285000.
I was renting a property at the time, so thought it best to move in with her.
Question is: Do I have to charge her rent? In order to comply with any tax rules.
0
Comments
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Your mum has gifted you the property that she currently lives in? What was she trying to achieve/avoid by doing this?
If she continues living there free of charge then it will have been a Gift With Condition meaning the property will not be exempt from Inheritance Tax. However, depending on the size of her estate this might not be an issue.0 -
Hi group.
Last June my mother gifted me her house which was at the time worth £285000.
I was renting a property at the time, so thought it best to move in with her.
Question is: Do I have to charge her rent? In order to comply with any tax rules.
Deja vu: http://forums.moneysavingexpert.com/showthread.php?t=54348230 -
She gifted the house, as that was what she wanted in her will. She was concerned that the will might of got challenged.0
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Why did she do it at all? Does she have significant assets otherwise?
I will never understand people who make life changing decisions they wouldn't otherwise have made to save a few thousand quid of tax.0 -
Google POAT0
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Victor_the_Gink wrote: »Why did she do it at all? Does she have significant assets otherwise?
I will never understand people who make life changing decisions they wouldn't otherwise have made to save a few thousand quid of tax.
Total assets just under £325,0000 -
Hope she never needs nursing care. Deprivation of assets0
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Catswhiska wrote: »Hope she never needs nursing care. Deprivation of assets
Has been suggested that after 3 years, deprivation of assets gets nulled0 -
It looks like your question was answered in your previous thread, so I'm not sure why you're asking again. Do you want to charge her rent?0
This discussion has been closed.
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