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14 June 2011
Property held in trust by daughter for father; input tax claim under flat-rate scheme; setting up a Jersey foundation; property investment partnership
Strings twisted
A father (Mr B) wanted to provide for his daughter (Mrs C) after his death by funding the purchase of a property that she could not live in until after the death of him or his partner.
In the meantime Mr B and his partner would let the property as a furnished holiday let (FHL) and have the income. He borrowed some of the purchase price secured on the property and also used savings.
However the property was purchased in the name of the daughter.
After the purchase they fell out over the precise terms of the arrangement and sadly the case went to court. The decision of the court was that the daughter Mrs C holds the property on trust for Mr B and his partner for their joint lives and on...
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