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Question of the week: An individual (A) owns a commercial property which is let to a third party. A settles a 90% share of it on himself for his lifetime and thereafter for his adult children absolutely in remainder. He retains the remaining 10% share outright. Do the gift with reservation of benefit rules apply? Would the pre-owned assets tax rules apply if the property is ever sold?

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Published on: 04 December 2024

Published by a LexisNexis Private Client expert

Article summary

This Q&A consider whether if, an individual (A) owns a commercial property which is let to a third party. A settles a 90% share of it on himself for his lifetime and thereafter for his adult children absolutely in remainder. He retains the remaining 10% share outright. Do the gift with reservation of benefit rules apply. It also considers whether the pre-owned assets tax rules would apply if the property is ever sold.

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