About 30 years ago when I was living at home my father lost his job and so I purchased their small terraced house from them. I think I paid about £20k for it. They paid their mortgage off, which was, I think about £5k and spent or kept the rest. I paid all of the bills but I did not pay for my keep. (board)I took a mortgage out to buy it from them but this was paid off by the time I moved out. I regarded paying the mortgage and bills as my board, so always regarded the house as their house, and not mine.
My job involved quite alot of travelling so I lived at home until I was 28, by which time the mortgage was paid off. The house was worth about £60k at that time. They continued to pay the bills when I moved out.
My father died about 8 years ago and my mother lives there alone now.
I live too far away from her to visit daily so she may have to go into a home soon and she will not move in with me.
Two questions really.
1. Will I have to pay capital gains tax if I sell it.
2. If she needs means tested care, will the house be part of her estate? (not really a tax question I know)