21 February 2007
I act for an elderly married couple and their grown up son who have recently sold their joint main residence. The husband and wife have owned the property jointly since 1974, originally using it for business purposes and then converting it to their main home and letting part of it. In 2003, they transferred one-third of the property to their eldest son. At this stage there was a capital gain and the letting exemption of £40,000 by each parent was utilised at this time.
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