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Selling up; Buying the plot; Development disaster; VAT liability of ‘gift’ payments for business leads
Selling up
Is cash gift a reservation of benefit subject to tax?
I am my mother’s executor and my question concerns an equal cash gift she made to all three sons four to five years ago. The amount was above her dual nil rate band so qualifies as a tapered potentially exempt transfer.
My mother sold her house and then distributed the cash equally through the solicitor handling the conveyancing. My brother who had already lived in his property for ten years used some of the cash gift to pay off his mortgage. At the same time my mother moved into an annexe in his property ill health contributing to her decision.
Could readers tell me whether this would be considered a gift with reservation of benefit? If so who would be liable to pay the tax on the gifts?
Query 19 291– B.
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