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Where Taxpayers and Advisers Meet

IHT on Gifted Property

sara k
Posts: 1
Joined: Thu Jan 16, 2020 9:12 pm

IHT on Gifted Property

Postby sara k » Thu Jan 16, 2020 9:20 pm

Hi. I hope someone can help.

I live alone in a property that is worth around £700,000. I would like to gift half of the property to my adult son. I will be paying market rent for the half that would belong to him. I understand under these circumstances, if I live for more than 7 years after the gift is made, then the half belonging to my son will be exempt from IHT. My question is this: after the 7 years have passed would I still need to pay him rent or can I stop paying.

Posts: 1043
Joined: Fri May 16, 2014 3:47 pm

Re: IHT on Gifted Property

Postby AGoodman » Fri Jan 17, 2020 12:42 pm

You would need to keep paying.

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