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Client's mother in law bought house after a marriage break-up, and needed home loan to complete the purchase. Bank required a guarantor of securely-employed person, which was the son-in-law. Some how client was named on the loan and title deeds as joint owner!. Client has contributed nothing to bank repayments, all repayments up to date. Mother in law is now selling that house, and problem is the named joint ownership, and sale proceeds for tax purposes to be treated as joint disposal. Our client wants none of the money and solicitors advise of potential Gift tax exposure (there is no Capital gain on disposal). How can our client be deemed by Revenue to be a Trustee or a guarantor to the arrangement? Lionel Mackey

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Asked on 29 April 2016 12:56 pm