Hi,
About 5 years ago (2014) I gave my son my old UK buy-to-let property. I don't live in the UK, which made the conveyance tricky as our conveyancer said he could not transfer it unless and until i came to the UK to do it. Therefore, my son and I agreed (and had notorised) an agreement that basically said that for all intents and purposes the flat is his and that we will make the transfer when we can/or if I die, whichever comes first (no stamp duty or CGT due). It also said all profits, expenses etc are therefore his from that point on.
As a result he has been paying tax from that date onwards on the income. We finally made the transfer a year ago, but now HMRC are asking me for tax between 2014-2018. I explained that for all intents the flat was given to my son in 2014 and that he has been paying tax but HMRC are having none of it. My son, bizarrely has been told he is liable too as he took the income as his (so no refund). We obviously cannot be taxed twice but HMRC keep flipping in their answers. Any idea?
Also, would CGT etc be at 2014 value (agreement date) or 2018 value (documented transfer date)?
I am aware how my laziness in making the transfer cause this problem, but I blame the conveyancer!
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