06 April 2006
My clients are father and son. Father owned a house, previously lived in by his (now deceased) mother-in-law. Following her death, he gave a 1/8th share of the empty property to each of his son and daughter in 2002-03 and another 1/8th share each in 2003-04. The capital gain fell within his annual exemption each year. In 2004-05 the property was sold realising a gain for all three owners.
The father persuaded both children to sign something to the effect that the sale proceeds would be remitted in full to him by the purchaser.
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