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Benefit or bother
Key points
- The regime for potentially exempt transfers can limit a possible inheritance tax liability.
- The reservation of a benefit in the gifted asset can result in a tax charge.
- A gifted asset may fall within the rules if the donor benefits at a later date.
- The rules do not affect the actual devolution of the property.
- Mitigating the application of the inheritance tax gifts with reservation of benefit rules.
- Cohabiting with family members as a result of Covid-19 may result in the rules applying.
Lifetime gifts are an effective way for individuals to reduce the value of their estates and their consequent exposure to inheritance tax. When examining the application of inheritance tax to such gifts the basic position is that a lifetime gift made ...
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