The following Trusts and Inheritance Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Questions concerning gifts with reservation (GWR) provisions are more likely to arise in connection with gifts of land than any other type of gift. A variety of factors contribute to this:
Following on from the above, clients are often keen to pursue arrangements which will enable them to remove the value of land from their estate and at the same time continue to derive some benefit from it. As a result, the legislation contains specific provisions relating to land.
A gift of land is not a GWR if the donor pays full consideration in money or money’s worth for his occupation or enjoyment. The same exception applies to chattels. See the Gifts with reservation ― exceptions guidance note.
If a parent gives his home to his children
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