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My client has transferred ownership of his home where he continues to reside outright to his adult daughter and pays a market rent to her to avoid the gift with reservation of benefit rules.
He is now looking at putting his affairs in order and has £900 000 in other assets which he also intends to leave to his daughter when he dies.
My client is a widower and has the benefit of the transferrable nil rate band from his deceased wife. But will his estate benefit from downsizing relief?
I look forward to hearing from readers with experience in this matter.
Query 19 784 – Housewarmer.
Ensure rent remains at market value
To escape the gift with reservation of benefit (GROB) rules Housewarmer’s client will have to ensure that the rent payable on the home he transferred to his daughter is reviewed regularly to ensure that...
