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We often get asked by clients if it is possible to ‘gift’ their home to their children with a view to mitigating Inheritance Tax.
Inheritance tax is currently charged at 40 per cent on the net value of your estate exceeding the Inheritance Tax Nil Rate Band. The Inheritance Tax Nil Rate Band applicable to your estate is dependent on your personal circumstances and ranges from £325,000 to £1m.
It is very rare that we would recommend gifting your home to your children as there are some very serious pitfalls to consider. For example, if you gift your property to your children and you continue to live there, you will need to pay your children a market rent.
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