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Legal Terms – Gift with Reservation
A gift with reservation occurs when a donor retains possession, enjoyment, or benefit from property after gifting it, contrary to Finance Act 1986, s.102. For inheritance tax, such property remains part of the donor’s estate at death, potentially causing a double tax charge. Regulations limit taxation to the higher liability where both arise
A gift with reservation occurs when a donor retains possession, enjoyment, or benefit from property after gifting it, contrary to Finance Act 1986, s.102. For inheritance tax, such property remains part of the donor’s estate at death, potentially causing a double tax charge. Regulations limit taxation to the higher liability where both arise
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