Yes, he paid less than the value, but even taking that into account they are ending up far better off than him, and has been paying a mortgage all this time. Why do people enter into these things without advice, his only way not to suffer a very unfair split is to now have a fraught conversation with the brothers.
Not remitted, the sister that receives the income lives in Colombia. My client is the one in the UK that has no income from the property and is causing me the headache.
That was my thought when discussing it with the client. If she could at least gift a small part of the property to her sister then it would be possible to treat it in the same way as a partnership and divide it as they pleased.
My worries started on this when I thought of the Requirement to Correct legislation. Its fair enough to make a note and make no mention of it on the tax return but I'm over thinking it aren't I?
No, the DDR was granted to the husband for his relative moving into his property, prior to when he later transferred half of the property to his wife. The transfer to her took place around about the time the relative went into the home. I weill need to find out whether it was thought the relative would return to the property, which had been her only home for many years. My understanding was that a wife could acquire the PPR relief of a husbands home when she acquired it from him but you believe this doesn't extend to DRR?
Its an individual. I was always under the impression they had to be b/f & c/f on each year's return in order to retain them but would be more than happy to find out this isn't the case!
Thanks for the speedy response. So even if its extending an existing lease rather than a new lease, it still comes under the grantng of lease rules?
Appalling response from Fourth so far. Put me on to their dept that would d/w a small client like ours and the person I spoke to only dealt with support, not finance. And she had no idea of the sales number, just told me to google it! The only other numbers on there were mobiles that went to VM. No thank you.
Thanks Both. Following Tim's reply I called HMRC and they contacted SLC. All agreed this was the old style loan that shouldn't have been included on the return.
Thanks. I was researching it earlier and saw the employer obligation if it is a listed company but had assumed this was if it was uk listed. Is this definitely still relevant if listed on another stock exchange?