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Capital gains tax on a property occupied by widowed mother-in-law
In 2003 our client and her husband were given her widowed mother-in-law’s main residence. We understand that there was a deed of gift and they paid off the mother-in-law’s mortgage of £125 000. This is all lost in the mists of time and the solicitors who acted at the time no longer have any papers.
Our client cannot remember the exact details except for the salient figures. Our first question is what if anything the stamp duty position should have been?
At acquisition the intention of our client and her husband was that they should be able to deal with the property as they saw fit but mother-in-law would continue to live in it. If they sold it they would buy another property for her to live in.
There was no formal tenancy and no rent was paid but this was the clear...
