Some Legal Advice please

Peterrr

Annisele said:

andystephens said:

He does not live with the son. He as an agreement he can live there till he dies.

In that case, it's possible the son will have a capital gains tax liability if he disposes of the house (whether the "disposal" is a sale to an unrelated person, a gift to his father, or something else).

If it wasn't for the agreement that the father could live in the house until death, I'd say the valuation for CGT purposes was relatively straightforward. But that agreement might complicate things.

Indeed. On the assumption the son owns a different "primary" residence, then there will definitely be a CGT charge, unless by some miracle the father's former house is worth no more than the low price the son paid for it. 

sheramber

Peterrr said:

Annisele said:

andystephens said:

He does not live with the son. He as an agreement he can live there till he dies.

In that case, it's possible the son will have a capital gains tax liability if he disposes of the house (whether the "disposal" is a sale to an unrelated person, a gift to his father, or something else).

If it wasn't for the agreement that the father could live in the house until death, I'd say the valuation for CGT purposes was relatively straightforward. But that agreement might complicate things.

Indeed. On the assumption the son owns a different "primary" residence, then there will definitely be a CGT charge, unless by some miracle the father's former house is worth no more than the low price the son paid for it. 

It doesn't matter whether the son owns another house or not.

CGT wii be due as he does not live in the house so it is not his residence.