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Where Taxpayers and Advisers Meet

RNRB on failed PET main residence GWR

trifter1
Posts:2
Joined:Tue Sep 15, 2020 12:21 am
RNRB on failed PET main residence GWR

Postby trifter1 » Tue Sep 15, 2020 12:29 am

Hi,
My father passed in away recently.
In 2019 he gifted his main residence to me with an written write of residency, he lived in the house until his death and paid some of the bills i.e rates etc.

Given that the house has now fallen back into his estate at least for tax purposes and that he reserved a benifit from it.

Can RNRB be applied on this house? Can I be seem is passing to me after death or downsizing?

Thanks
Adam.

trifter1
Posts:2
Joined:Tue Sep 15, 2020 12:21 am

Re: RNRB on failed PET main residence GWR

Postby trifter1 » Tue Sep 15, 2020 8:45 pm

any ideas :)

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: RNRB on failed PET main residence GWR

Postby maths » Tue Sep 15, 2020 10:18 pm

Assuming the property was not settled in trust but was an outright gift to son then as the gift wold have been a gift with reservation as father occupied the property then the RNRB would have ben available on father's death.

If the property had been settled with father retaining a life interest then no RNRB would be available.


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