The pandemic has seen some older parents, who have gifted their homes to their adult children and subsequently then moved back into the property to be with them, face an inheritance tax bill.

The tax rule, known as ‘a gift with reservation of benefit’ could apply. This is when someone gifts something, but still benefits from the asset. Gifting is often used as a tax-efficient way to pass on assets, however, if the gift if then benefited from, their could be a IHT bill to pay further down the line.

 

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