Form IHT 403

Olinda99

I suspected probably means that you can't for example give your house away to your kids, pay them market rent but in return they pay your insurance, council tax, gas, electricity and water etc !

Helpiht403gwrobornot

Ah yes that makes sense for a house rather than a rental apartment where such costs woudl be included in a market rent ..

shadley

I want to gift a holiday apartment to one of my children - specifically to get it out of my estate in 7 years time. 

I will still be the main occupant and use it much more than they do. If I look at the period of time I use it and calculate a notional market rent for that period of occupancy and share of the bills.  Say I use it for 10 weeks of the year and the only other people to use it is my son for one week of the year.  Is it acceptable logic to think that as my son now owns it - it is his responsibility for the other 42 weeks from a rent perspective. If I am also paying my share of the bills - could that be apportioned based upon who is actually occupying it - so I pay 10/11ths of the bills (including double council tax premium for 2nd home ) and he pays 1/11th.  I don't want him to incur additional costs as a result of the gift and I am happy paying all of the bills.

People talk about it being a gift of reservation with benefit if you don't pay the full market rent - but what if you pay more than the market rent - as a means of transferring more wealth to my son?

Keep_pedalling

You really should start a new thread rather than adding a question to an existing unrelated thread.