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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 9325
Experience:  I have been practising for 30 years.
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If a mother puts the house in which they both live in joint

Customer Question

If a mother puts the house in which they both live in joint names with 2 adult daughters who sharee the house will there be reservation of benefit for IT purposes?
Submitted: 10 months ago.
Category: Law
Expert:  F E Smith replied 10 months ago.

If the mother puts the house into the name of her and her 2 daughters, and she lives in it without her daughters but doesn’t pay rent, then it is a gift with reservation and could potentially be put aside for IHT purposes.

For the transfer to be effective for IHT purposes, the mother must relinquish all interest in the property or pay the full market rent to the new owners or the new owners must pay the full market value for it even if the mother continues to live in the property rent free

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FES.

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