|
|
RESERVATION OF BENEFIT INFORMATION
If you give something away but reserve the right to use it, this is classed as a gift with reservation. Such a gift is not an effective Inheritance Tax planning tool and its value would definitely be added to your estate when you died. This applies to any such gifts made on or after 18 March 1986.
For example, if you give your home to a child on condition that you can go on living in it until your death, this would be classed as a gift with reservation of benefit. This could apply even if there was no formal agreement that you go on living in the home. Your continued occupation of a home you have given away is all that is required to bring the gift within the reservation of benefit rules.
Other gifts which may be subject to the reservation of benefit rules include gifts of motor vehicles used to transport the donor.
Please complete the quick enquiry form below and we will contact you:
*Indicates required field
|
|
|
|
|
