28 March 2007
My client, a married higher-rate taxpayer with his own main residence, bought a council house occupied by his elderly father in November 1988 for £9,000. I am advised that my client provided the funds, with the house being held as joint tenants with his father. The client's sister moved in with the father in 1998 and in 2001 she paid for a £40,000 extension to the house. The father died in 2003 and my client's sister now wants to buy the house, which is currently worth about £180,000, from my client.
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