My client has an estate that would give rise to a reasonable IHT liability if left in its current state. Although there are other assets about half of the estate is made up of a personal residence and she is considering gifting this to her daughter who lives with them and who will be the only beneficiary on death. They are aware of the CGT possibilities and that there can be no reservation but what we are concerned about is the pre-owned asset rules.
The property occupies approximately four acres of land and is made up of a house an annex (to all intents and purposes another property connected by an internal door but also with its own external door) and various outbuildings. Planning consents allow the outbuildings to be used for the owners’ own use and that of their own business only...
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