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Hi Alan,
Client has 2 young children. He was not married and his partner has recently passed away. They had been living in a house owned by his late partners aunt, who intended gifting them the house. His late partners aunt has also now passed away, and her husband is now the owner of the house, and still wishes to gift the property. He has suggested that he transfer the property to the father and the 2 children to minimise CAT, rather than transferring just to the father, and the solicitor is in the process of setting up a trust for the children.
The house is valued at 130k. The father will struggle to pay CAT as is not working.
My understanding is that dwelling house relief does not apply, as the father is under 65, and is not incapacitated.
Have you any ideas on minimising CAT in this case?

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Posted by (Questions: 18, Answers: 2)
Asked on 19 November 2018 4:07 pm