Hello.
Many apologies as I'm quite sure I'm posting a question that has already been asked countless times. But having tried to piece together an accurate answer for myself from other peoples answers i struggled somewhat.
My mum wants to swap houses with me in order to leave her large family house for a smaller more manageable one. However at the same time she wants to gift the house to me, whereby i let her live in my house rent free and i continue to pay the mortgage and maintain the house. Her main reason for wanting to do this is that should she ever require residential care she wouldn't want to have to sell the family home to pay for it.
I realise this is a PET and that inheritance tax would be payable were she to no longer be with us within seven years. However I don't understand the position with regard to CGT.
As it is my mums PPR is the transfer exempt from CGT?
Do i become liable for any CGT or otherwise?
Are there any other tax gotchas to be wary of with regard to mum living in my house but rent free?
Any advice woul be most welcome...
TYIA
Nigel Cass.
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