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Joint Ownership Query
Comments
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You could get caught out. Its initial value will be the market value less a deduction for the MIL living in it and paying no rent. There are actuarial tables that the revenue uses to determine this that are based on age. Having someone with a long calculated lifespan living there paying no rent would limit its value.
The value on sale would be market value.
So the difference would be more than has been talked about.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If MIL is still living in the house and not paying any rent for the two thirds she doesn't own then the gift is useless for Inheritance Tax avoidance as the 7 years doesn't start to run until she moves out!RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
I don't think she did it to avoid inheritance tax as her assets were well below the threshold any way. I think it was because she didn't want the responsibility of solely owning a house after her mother died.
However, she doesn't pay rent on the two thirds she doesn't own so maybe we should start charging her!!
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