What tax issues are there if purchase parents house and pay market value ( less than nil rate band )then make declaration of trust that they can live in it rent free whilst they are alive ?
No gift with reservation for IHT if MV paid.
Any implication for Pre-owned asset tax if parents continue to live in house rent free ?
If declaration of trust made then when house sold following parents death main residence relief may exempt gain by virtue of parents occupation ?
At present title was taken with simply a minute of agreement that parents could occupy rent free and parents would meet upkeep costs of property. Can declaration of trust be made now and what other implications might that have, or used for subsequent planning ?
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