I am 50 years old and have lived in my mother's flat for the last 2 and a half years. She is 75 and in the early but rapid stages of Alzheimers. I have been going through seperation and divorce during this time which will be absolute shortly.
The flat was purchased in my parents names under the 'Right to Buy' scheme and I gave my parents the money to do so, £15,500. When my father died 4 years ago the flat was registered solely in my mother's name. My mother has willed the flat to me as sole benificiary. If I do inherit the flat, on my mother's death or it has to be sold in order to pay for my mothers nursing costs and accomodation (being her only asset it is likely to be 'taken' by the local borough to finance this), or the flat is sold and my mother and I move to another area, what would the Inheritance Tax or Capital Gains Tax situation be for me or my mother or wife (divorcing)if the flat is considered in the financial settlement in the divorce. My ex-wife to be has insisted that as I paid for this she wants the proceeds from the sale of the flat to be a part of the settlement which would mean making both my mother and I homeless!
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