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Three years ago my parents moved out of the family home and into a retirement village. It was decided that my wife and I would buy them the retirement property and my parents would gift my wife and I the family home.
The value of each property being about £450 000 we put both properties into the names of my wife and myself. This was not to avoid tax but to simplify administration because my parents were elderly. We then let the family house.
This was all done on advice from a solicitor with full knowledge of the coming residence nil rate band. My mother died this year but there now seems to be some question about the property having been gifted.
Could readers help clarify that we will not be subject to inheritance tax because all my mother’s assets are simply inherited free of tax by my father....
