Boodle Hatfield warns of hidden IHT traps for people gifting property

News Team, 23/11/2021

Taxpayers paid £125 million in unnecessary tax through ‘gifts gone wrong’ in the past year, UK private client law firm Boodle Hatfield has revealed.

Boodle Hatfield said that the most common example of this is parents gifting the family home to their children but continuing to live there. This makes them so-called ‘Gifts with Reservation of Benefit’ – assets which have been gifted to another person but are still...

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