9:41 AM, 20th November 2020, About 2 years ago 6
I and my brother have in Aug 2020 transferred our residential house we live in to our sons who all live with us in the same house. (Essentially we have gifted it to them to plan for inheritance)
After reading the gov.uk site, I was advised that as Myself and my brother still live in the house after transferring this we need to pay rent to the new owners (our sons) to avoid any capital gain impacts to our sons in the future
Can someone help and point me to how I can:
1) determine how much rent I would need to pay for the room we occupy in the property
2) confirm if we need to pay this rent as I keep reading and hearing mix messages some of which advise that this is not required
I would appreciate some clarification.
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