This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

House registration

musty
Posts: 11
Joined: Wed Aug 06, 2008 4:00 pm

Postby musty » Wed Sep 24, 2008 7:51 pm

We have purchased a secondary holiday home in the name of myself, my wife and our two adult children as joint tenants. The children made no contribution to the purchase funds.

As we are both in our late forties we saw the provision of funds for our childrens share of the purchase price as being a reasonably safe PTE, that in 7 years would no longer be part of our estate.

This secondary home will never be the PPR of any of us and is suitable only for holidays. If and when sold it will obviously be liable to CGT.

Is there any risk of it being treated as a gift with reservation? and if so is there anything constructive we can do to mitigate this risk; or indeed any other unforseen tax risk that the purchase may have engendered

Peter D
Posts: 10668
Joined: Wed Aug 06, 2008 3:37 pm

Postby Peter D » Wed Sep 24, 2008 8:07 pm

It is just a PET as there is no reservation as you all of you have unhindered access to the property as such and no individual actually live there. Regards Peter


Return to “General”

cron