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Buying parents property below market value
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Two other areas that may cause problems. Divorce and bankruptcy.km1500 said: The only possible problem might be if your mother ever decides to apply for means tested benefits
Any language construct that forces such insanity in this case should be abandoned without regrets. –
Erik Aronesty, 2014
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.0 -
The 7 year rule won’t apply because the mother will continue to live in the property rent free. That makes it a gift with reservation so the pre-owned asset tax legislation comes into play.QrizB said:
IHT avoidance, if elderly mother dies in the next seven years?user1977 said:
What "tax fiddle" do you think might potentially be involved here?theartfullodger said:HMRC (obviously..) have the power to record and tax transactions at genuine market value rather than permitting tax fiddles,.... (Fiddles, I'm not suggesting evasion, obvs...)2
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