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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My wife and i jointly own our farm house and a few acres of

Resolved Question:

My wife and i jointly own our farm house and a few acres of land. were her mother to gift her 50% to my wife but to retain a right to live in the farm house for as long as she wishes, which I believe will negate the 7 year rule and therefore IHT will still apply on her mothers death. if this is the case, could you advise on the date the valuation on which any IHTwill be based-will it be the valuation at the time of the transfer or at the time of death.
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

You are indeed correct- your mother in law would be treated for IHT purposes as still owning the land,as the gift will be classed as a "gift with a reservation". As she will be treated as still owning it, the valuation will be as at date of death.

I hope this clarifies the position to you.

Kind Regards

Al

Aston Lawyer and other Law Specialists are ready to help you
Expert:  Aston Lawyer replied 2 years ago.

Hi Alan,

Can I be of any more assistance?

Kind Regards

Al

Expert:  Aston Lawyer replied 2 years ago.

Hi Alan
Can I assist you any further?

If not, I would be grateful if you could rate my answer.

Kind Regards

Al

Customer: replied 2 years ago.

sorry for not the delay in 'signing' off as it were the response you made which was answered promptly but I did not realise that I had to do so for the money to be released. sorry- thank you for the information