-
If they added you (and any siblings) to be added to the deeds, then with the 7 year gift rule, you could significantly reduce IHT.
Not if the parents continue to live there and jellybaby and his siblings don't. If you give away a property on the basis you'll continue to live there it's a 'gift with a reservation' and it still forms part of your estate.
Brommers-
Thanks for the correction, you are right, I've amended some of the above to avoid confusion.
-
I was looking into this recently but couldn't find anything definitive. My MIL is looking to gift a third of her house to her daughter. The daughter had actually been paying the mortgage for ten years but via the mother rather than directly. She also has two bedrooms exclusively for her use there.
I struggled to find anything definitive on whether this would be sufficient to classify it as a gift. Any pointers on where to look?
-
What if you charge them rent?
Acliff
aggi
NotThamesWater
Edited - 7 year gift rule exists, but subject to gifts with reservation of benefit.
And also gifts are treated as disposal for CGT purposes.