Thank you all for your comments and I take on board the IHT points which we will get expert advice on.
Has anybody got any thoughts on the daughters tax position regarding improvements being deemed consideration for lease premium for CGT or deemed rent for income tax?
Additional information:
Father is in mid 60's and daughter is 30
House was bought for £1.9m in 2020 and is now worth circ. £3.5m all refurbishment monies spent by father
Father and mother divorced in 2017 and father is living in house with new partner
Reason for lease is to secure tenancy should father die
Reason for father spending money on house is for IHT hoping he will live for 7 years.
My answers
Thank you all for your comments and I take on board the IHT points which we will get expert advice on.
Has anybody got any thoughts on the daughters tax position regarding improvements being deemed consideration for lease premium for CGT or deemed rent for income tax?
Additional information:
Father is in mid 60's and daughter is 30
House was bought for £1.9m in 2020 and is now worth circ. £3.5m all refurbishment monies spent by father
Father and mother divorced in 2017 and father is living in house with new partner
Reason for lease is to secure tenancy should father die
Reason for father spending money on house is for IHT hoping he will live for 7 years.
Thanks for pointing me in the right direction, not a straight forward area.