Gifting property to family members
Tax efficient gifting of second properties to family members.
If you own a second property such as a holiday home which forms part of your estate at the time of your death it may be subject to Inheritance Tax (IHT).
Reviewing the way in which a second property is owned can have significant tax benefits and can enable a second property to be passed down a generation without incurring a charge to IHT.
Gifts of property can be made to individuals (such as your children) or to a lifetime trust for a group of beneficiaries including children and grandchildren. Either way the IHT liability may disappear altogether provided that you survive the gift for seven years.