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Sam
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This is close family member called Toby thats asked me

Customer Question

This is for a close family member called Toby thats asked me for adviceToby's mother (Julia) wants to make a Will, he has joint ownership on a property with her, which was gifted to them before his father (Andrew) died.The property was in his brothers (Jon) name, it was gifted to him by his father (Andrew) many years before, for what ever reason, but Toby paid all the bills and mortgage, and looked after Julie and Andrew, so it was his fathers (Andrew) dying dream to gift the property to Toby and his wife (Julia) Toby's mother.My question is there any inheritance tax required to be paid by anybody?
Submitted: 4 months ago.
Category: Tax
Expert:  Sam replied 4 months ago.

Hi

Thanks for your question

Potentially yes there is Inheritance tax due and possibly capital gains as

1) Andrew gifted the property to Jon yet continued to live in the property and benefit from it - doesnt appear to have paid any rent to Jon

2) When did Jon then gift the property to Julia and Andrew ? Did he pay capital gains tax as he was gifting a property that was not his main residence

3) Does Toby still live in this property with his family and does Julia also live here

4) What does Julia wish to do re the property in her will?

I can then advsie further

Thanks

Sam

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