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Our client's father's main asset is his house, although the father's intention is to leave the whole of his estate to his son.
Our client's father is concerned that property prices will continue to outpace increases in the inheritance tax nil rate band and that in consequence his son's inheritance tax burden will increase as time goes on.
Our client has advised us that his father is therefore proposing to grant him an option to buy the house. The amount payable by our client for the grant of the option will be an amount equal to the current market value of the house.
Our client's father's main asset is his house although the father's intention is to leave the whole of his estate to his son.
Our client's father is concerned that property prices will continue to outpace increases in the inheritance tax nil rate band and that in consequence his son's inheritance tax burden will increase as time goes on.
Our client has advised us that his father is therefore proposing to grant him an option to buy the house. The amount payable by our client for the grant of the option will be an amount equal to the current market value of the house.
The amount payable by our client to exercise the option in due course will be a nominal sum. The proposal is that our client will pay for the grant of the option either in cash or by giving his father an 'IOU'.
Has our client's...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
