Willie McBride

We will be back to having paid the full amount to purchase the property as we are having to give my son the £20,000. back that he paid so we are paying the full amount the house cost to purchase?

My wife and myself who own a second property that was purchased in 2011 are in the process of gifting/selling our second home to our younger son who lives in the property, our older son lived in the property when it was first purchased and paid £20,000.00 into the purchase of the house and the solicitor at the time prepared a Minute of Agreement between us and my older son whereby it was agreed that in the event of us selling/gifting the property in the future the £20,000.00 plus interest will be paid from the sale to my son. Is this not an allowable expense for deduction? We will be paying the £20,000.00 plus interest so we will be this amount less.