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Many taxpayers feel that they have worked hard to purchase their main residence and wish to pass this on to their children without paying tax, but without the possible complication of using a trust
Because the inheritance tax band has been frozen and because property prices are not dropping I have a query that I suspect comes up regularly. The basic question from clients is: “We bought our home many years ago when property prices were reasonable.
Due to the price increases and locations the property is now worth in excess of £1m. We worked hard for our home have no mortgage on the property and don’t really want to downsize. What can we do to save our children from selling the house to pay for the inheritance tax liability?”
I suppose we could say that this is “a nice place to be in” for these clients. Various options have been thought through and most clients are not keen on trusts. Perhaps there are some readers out there who can advise on other ways to save these properties from being sold...
