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Parental home passed to children and smaller property bought for father.
Two parents owned a property as their only residence for many years but in 1998 gifted it to their three adult children in return for ‘their love and affection’. No money changed hands. The same day the children granted the parents a lease for 80 years. No rent is payable. The parents have to pay the outgoings and the lease contains a covenant not to let it out nor part with possession of the premises. There is a clause stating that the children can end the lease when both parents have died. The mother died some years ago and now the father wants to sell and downsize. He is in his 90s and in good health. The children live elsewhere and always have done.
I am concerned about the capital gains tax position on the sale of the freehold. I wonder whether it might be possible to argue the whole...
