My parents are in the process of selling a property where they have lived in and currently renting it. I am managing the property on their behalf since they are in their 80's.
They are currently have a buyer for the property but due to recent events the sale has been delayed even though it was close to exchange.
Now if they sell after 5th April they will get no letting relief.
Changing the legal ownership would be a problem potentially with the solicitors / buyers.
Could we draw up a declaration of trust transferring the property to transfer the beneficial interest for income and property to the sons then back again to the parents after 5th April.
I understand its risky as could be perceived as tax avoidance but hoping HMRC would see this favourably considering the extraordinary circumstances.
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