Question:
One of my friends owns a number of properties. Because the taxman is now after him for taxes owed, he has gifted his portfolio to his brother. His brother has got a loan too, without a deposit, which has gone through with the bank. Will the taxman still be able to take the properties gifted from my friend to his brother?
Arthur Weller Replies:
It is quite possible for HMRC to still go after your friend and take his properties away if they can show that the gift of properties to his brother was just a 'sham' - i.e. just an attempt to escape from what he owes them.
