Hi Everyone,
I am looking for some advice. I recently gifted my flat to my son (I do not live there). To do so I wrote a gift deed. I got a surveyor in to determine the value for CGT and he said I should also keep the report for IHT purposes.
I had never thought about IHT. I realised there is an issue in that my son paid off the last of my mortgage on that flat about seven years ago (£40,000) and we agreed I would pay him back but we were never in a hurry. How can I deduct/reflect this in my estate value? Do I have to keep the loan 'open' and write a retrospective contract? Or add an extra covering letter to the gift deed to say the gift was value less £40,000?
We do not have much evidence as it was an oral agreement without a written contract (but he does have the transfer evidence of payment made from his bank to mortgage company for redemption).
Is it too late to put this into writing?
Ta,
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