My parents own a shop in an expensive area. It will eventually be left to myself and my siblings when they die.
I know under the rules of inheritance tax, they can gift items/money to me and my siblings, and this will become exempt from inheritance tax as long as they survive 7 years.
But can they put the shop into our names? They rent the shop to a tenant, and rely on the income from this to supplement their pensions. Does the fact that they get this income prevent them from gifting the shop? Could my siblings and I receive the rent and gift it back to my parents?
I'm a bit unclear of the legalities, and any advice would be very much appreciated.
Please or to access all these features
Please
or
to access all these features
Mumsnet has not checked the qualifications of anyone posting here. If you have any legal concerns we suggest you consult a solicitor.
Legal matters
Inheritance tax avoidance
6 replies
Budgiegirlbob · 07/03/2014 23:39
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.