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I was looking into this recently but couldn't find anything definitive. My MIL is looking to gift a third of her house to her daughter. The daughter had actually been paying the mortgage for ten years but via the mother rather than directly. She also has two bedrooms exclusively for her use there.
I struggled to find anything definitive on whether this would be sufficient to classify it as a gift. Any pointers on where to look?
aggi-
I was looking into this recently but couldn't find anything definitive. My MIL is looking to gift a third of her house to her daughter. The daughter had actually been paying the mortgage for ten years but via the mother rather than directly. She also has two bedrooms exclusively for her use there.
If she's contributed towards the mortgage she may already own part of the property as a result of a common intention constructive trust.
I struggled to find anything definitive on whether this would be sufficient to classify it as a gift. Any pointers on where to look?
HMRC guidance is probably a good start.
Brommers
Not if the parents continue to live there and jellybaby and his siblings don't. If you give away a property on the basis you'll continue to live there it's a 'gift with a reservation' and it still forms part of your estate.