Three families share the main residence.

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My clients are a husband and wife, born in India, who live in a large house in London with their two children who are married themselves, with children. The two siblings were born in the house over thirty years ago. Therefore, their home accomodates three families in total. The parents are aged and wish to sign over the house to their two cohabiting children, who lovingly care for their parents and will do so for as long as they can. Should the aged parents still pay a market rent to the children to avoid the gift with reservation regulations? if so, should the amount still be market value or MV divided by three, or some other modest figure?

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By Tax Dragon
12th Feb 2024 11:53

Different situations have different tax analyses, but yours is similar enough to that described in this thread that for once there may be some overlap:

https://www.accountingweb.co.uk/any-answers/principal-residence-gift-wit...

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Replying to Tax Dragon:
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By David Ex
12th Feb 2024 11:57

Tax Dragon wrote:

Different situations have different tax analyses, but yours is similar enough to that described in this thread that for once there may be some overlap:

https://www.accountingweb.co.uk/any-answers/principal-residence-gift-wit...

Agreed, I think the answers to that very similar situation will prove helpful. ;)

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Replying to Tax Dragon:
stonks
By WinterDragon
12th Feb 2024 12:06

I was about to point out that you must have accidentally linked to the current thread but then I realised the questions were much more similar than I had initially imagined.

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Replying to WinterDragon:
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By paul.benny
12th Feb 2024 13:40

So similar, I can't spot the difference. I note today's OP responded to the prior thread thanking posters.

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Replying to Tax Dragon:
Lone Wolf
By Lone_Wolf
12th Feb 2024 13:40

Not so sure. Seems like completely different scenarios you're comparing.

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Replying to Tax Dragon:
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By FactChecker
12th Feb 2024 19:08

Thank you for that!

My normally effective memory was screaming "déjà vu" at me ... but I had just returned from a CTI on the old noggin and was wondering if it had affected me.

Still can't work out why the first posting was allowed to be by Anonymous ... but if anyone ever thought there was nowt as queer as folk they should try this forum - including the thought process involved in copy'n'pasting the entire same wording under a different name (but without reference) on the same forum?

Now then ... slow breaths ... no need to call the medics back!

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