Some 15 years ago we purchased our widowed mothers house. The motivation was to provide her with sufficient funds to maintain her lifestyle following the death of her husband. She continued to live in the house rent free until her recent demise
On legal advice we had her house officially valued at the time of purchase and paid her its full market value to avoid any future issue in respect to “a gift with reservation”
There is now a significant CGT liability should we sell the house. For this reason we are contemplating selling our own home and moving into the house we purchased from our mother.
It is our understanding that there is are allowances for each year we reside in the house that would significantly mitigate our CGT liability.
Any indication of the yearly extent of these allowances would be much appreciated
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