Areas of Law / Property

If I transferred my house into my daughter’s name and another property I own into my son’s name, would this enable them to avoid inheritance tax?

You really need to see a solicitor specialising in tax planning. You are likely to be liable to pay capital gains tax on the transfer of your second home if you give it away before you die, and if you continue to live in one of the houses it could be regarded as a gift “with reservation” and still subject to IHT. You could avoid this – as long as you survive for seven years following the transfer – by paying rent at the going rate to the new owner as well as your share of the bills. Leaving property to your children can increase your tax-free threshold from £325,000 to £475,000.

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