Buying parents property below market value

FreeBear

km1500 said: The only possible problem might be if your mother ever decides to apply for means tested benefits

Two other areas that may cause problems. Divorce and bankruptcy.

_Penny_Dreadful

QrizB said:

user1977 said:

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...)

What "tax fiddle" do you think might potentially be involved here?

IHT avoidance, if elderly mother dies in the next seven years?

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.