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Inheritance Tax Made Simple by Andrew Komarnyckyj

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1.20 Gifts with a reservation of benefit

As has been explained, inheritance tax can be avoided by making gifts of money, property and assets to other people.

It may occur to some readers of this book who do not want to give away their wealth but who nevertheless want to avoid inheritance tax that they might arrange their affairs in such a way as to cease to be owners of some of their wealth but nevertheless continue to enjoy it.

The classic example is the transfer of the family home to the children, while continuing to live in it.

Sadly, this approach will not bring about the desired reduction in inheritance tax.

Generally, if an individual gives away his home to his child or children and continues to occupy it, then on his death his family ...

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