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Have your cake and eat it too
Key points
- By gifting only a part of the home and sharing the home with the donee it is possible to avoid a gift with reservation of benefit.
- Interests can be divided vertically or horizontally – and the title for each part can be legally separated.
- The Finance Act 1999 made amendments to the gift with reservation of benefit provisions to avoid horizontal carve out transactions and included some exceptions only for land.
- After 8 March 1999 the gift of a share of land may not end up being a gift with reservation of benefit even if it is undivided if certain conditions are met.
- FA 1986 s 102B is a helpful tool in planning but it needs careful navigation and meticulous ongoing consideration.
As most tax practitioners can attest when someone finds out you are a tax specialist the first thing they...
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