Gifts with reservation: the family home

Mark McLaughlin CTA (Fellow) ATT (Fellow) TEP

January 8, 2019

It is not uncommon for individuals to give away their family home. For example, an elderly widow moving into nursing care may be in the fortunate position of being able to make a lifetime gift of her residence in London to her adult daughter. This article focuses on a potential IHT anti-avoidance pitfall in the above example of a family home (say, in London) gifted by a parent to an adult child. The gift of an undivided share (eg 50%) of the family home is subject to specific provisions (in FA 1986, s 102B) which are not addressed here.

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