Passing the family home to the next generation

Passing the family home to the next generation - What do you need to know?

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Kimberley Shapcott Property Tax and Accountancy

24 күн бұрын

Are you considering passing your home to your children but still living in it? Are your parents looking to mitigate inheritance tax by giving you the house? Are there any implications? Does this work? what options do you have available?
How does inheritance tax fit into this scenario? When does it work and when does it not?
This video will take you through the reality of what happens and some options available to you should you decide that this is the right route for your family.
Video contains:
Giving the family home to the children
What is a gift with reservation?
What options are there to remove the gift with reservation categorisation
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DISCLAIMER: Please be advised that the content of my media is my personal opinion and is intended FOR GENERAL INFORMATION PURPOSES ONLY, not specific tax advice. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker. Making decisions on your tax position and investment decision is your own and appropriate specific targeted advice from a qualified accountant or tax advisor should be sort. The speaker will not be held responsible for any losses or gains based on decisions made following watching this video. Always do your own research and seek advice from an appropriately qualified professional.
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Пікірлер: 8

@nikkion2140 22 күн бұрын

Thanks for this valuable point.

@kimberleyshapcottpropertytax 15 күн бұрын

My pleasure!

@nikkion2140 22 күн бұрын

Can you gift to a Trust which only comes into existence later (sorry for asking "stupid" question? The idea is "analogous" to gifting to future grand children etc.

@kimberleyshapcottpropertytax 15 күн бұрын

You cannot gift to something that is not in existence at the time of the gift. Depending on the value there may be lifetime inheritance tax to be paid if the personal allowances are used up. Therefore I would suggest speaking to a tax professional to check what you are looking at doing before taking any action.

@AlHR23 22 күн бұрын

Thanks for the informative video. Would it be possible to leave the property to the children in a trust and continue living there without facing IHT?

@kimberleyshapcottpropertytax 15 күн бұрын

Depending on the value of the property, there maybe tax charges on the gift to the trust. Therefore it is unlikely to work. I would suggest speaking to a tax professional if you are looking at doing some planning to minimise inheritance tax implications.

@nikkion2140 22 күн бұрын

Does 7 year rule apply to gifting to a Trust?

@kimberleyshapcottpropertytax 15 күн бұрын

The 7 year rule does not apply to a trust and there may be immediate tax due on gifts to trusts depending on the tax position of the person.