The recent first tier tribunal decision in the Wagstaff case brings welcome news for anyone who has come to a financial arrangement with an parent or in law in regard to their house.

The old lady sold her house to her daughter and son in law on the condition that she could continue to live there. When the house came to be sold it was accepted that an implied trust had been created and therefore private residence relief was available.

More details here

If you live in Cumbria and have a tax question then please give me a call on 075 1391 7997