Hi, Happy New Year to everyone,
I have been instructed in an estate where the deceased transferred her property to her children several years ago and paid market rent on it (which was all properly declared for income tax) until it became too expensive to do so. She stopped being able to pay anything within the last 2/3 years.
The family wish to propose that she simply fell into arrears rather than stopped paying rent, and thereby wish to save the exemption, and deduct a liability against the estate for the rent arrears. Needless to say the paperwork is not excellent.
Does anyone think this may work, or have any similar experience of claiming this?
Thank you in advance.
Mayo Wynne Baxter