My mother bought a rental property 15 years ago, and put me and my late husband as joint tenants with her. She put all the money into it (mortgage payments and later mortgage fully paid off from her capital) and has received all the rental income in full. She had a major stroke ten years ago, and has been in a care facility ever since, so that income goes towards her care. Neither I nor my late husband saw/have a penny of that money, nor was that ever the intention. My mum had just wanted us to have a share in any profits when the house was eventually sold (which would have been earlier were it not for her stroke).
I've recently discovered that as joint tenant, I might in theory be liable for tax on 50% of that rental income, and have always been. That is really worrying. How do I find out if that is the case, and what information do I need to find out?
I know that CGT will be an issue when the house is eventually sold, presumably on my mothers' death. But it's the rental income I'm concerned about at the moment. I simply don#t have the means to pay 15 years' worth of backdated tax.
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