Ian Howe
Joined: 8/10/2024
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7 Year Inheritance Gift Rules - Land and Money
Hello Advice required on the 7 year gift rules please. We intend to gift our son part of our garden and sufficient money to build a house. The new house will have a separate title, access and utilities - and the money we intend to gift will pay for the construction. He will live in the house. We will continue to live in our home. I understand the rules associated with this type of gift (taper etc). Two questions: Does this gift meet the criteria to be included in Potentially Exempt Transfers? The gift is from my wife and I - what happens if one of us dies before the 7 year period? Thanks Ian