How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare, Solicitor
Category: Law
Satisfied Customers: 34905
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Type Your Law Question Here...
Clare is online now

My wife and I have a half share in an apartment registered

This answer was rated:

My wife and I have a half share in an apartment registered in our son's name. Our share in financial terms is about £70,000. We have 3 other daughters and wish to place our share in a trust to the benefit of all 4. We are in our late 70's in good health and aware of the 7 year rule. We receive no rent. My son does. Is there a need to act on this rule for this situation? T N Davies, Wrexham.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What is the value of the rest of your estate?
Customer: replied 2 years ago.


Thanks for your response.

Home: Bungalow estimated value £220,000

A one bedroom apartment (locally) : estimated value £80,000/85,000

I look forward to your reply

T N Davies

Just to check - Inheritance Tax is not therefore a major problem?
Customer: replied 2 years ago.



Just the 7 year rule on this particular situation.


Since you will not be retaining any interest in the property - nether living there nor receiving rent provided your survive the seven years then the gift will not cause a problem.
In deed even if you do not there is not likely to be a problem since the dual tax allowance available to you as a married couple more than accounts for the value of the estate.
I hope that this is of assistance - please ask if you need further details
Clare and other Law Specialists are ready to help you