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Where Taxpayers and Advisers Meet

Passing property back

Nicklam
Posts:44
Joined:Sun Jan 19, 2020 1:00 am
Re: Passing property back

Postby Nicklam » Tue Mar 16, 2021 7:39 am

Thanks guys. So it sounds like any money as a further gift can be linked to the regift of the house back. So I think it's best to avoid us doing this.

Final question. Can the below transactions which occured be linked to the regift:

2014: father gifts me 28k
2015: I gift father 32k
2016: father gifts me share of house jointly
2021: present day I regift back share of property back to father and move out.

Can my gift of 32k to him in 2015 be linked to me regifting the house back in 2021?

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Passing property back

Postby AGoodman » Thu Mar 18, 2021 5:00 pm

It seems unlikely but its difficult to make much sense of it without the full picture.

All these "gifts" back and forth could be costly if something happened to your father in the PET period. There's a serious risk of doubling up values for IHT.


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