How do I minimise my children's IHT on a property, whilst continuing to own it during my lifetime?
How do I minimise my children's inheritance tax on a property, whilst continuing to own that property during my lifetime?
It is not possible to avoid IHT on a residential property while continuing to own it.
a) if it is commercial property used in the taxpayers business, it may qualify for Business Property Relief from IHT, and
b) if not, it may be possible to put the property into a discretionary trust, which would take the property out of the estate of the taxpayer, while still allowing them a degree of control (i.e. as a trustee).
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