Daniels LLP Solicitors WE would like to give our house to one of our two sons and buy a second house for the other. We are in our 60s. What are the implications as regards inheritance tax? IF you are planning to carry on living in your home after you have signed it over to your son the taxman is likely to regard it as a gift with ‘reservation of benefit’ and levy inheritance tax, if applicable, in any event. You would be welladvised to discuss your plans in detail with a solicitor specialising in tax and trusts. You should certainly take advice before giving your home away, since if the owner was to die, get divorced or be made bankrupt you could find yourselves homeless.
ROOT OF THE PROBLEM
I LIVE in a private house. A tree owned by the council at the front of the property is causing I TAKE it you believe the tree’s roots are causing damage to the front of your property, but without a surveyor’s report you won’t be able to confirm this is the case. If you have buildings insurance – and you probably have if you’ve taken out a mortgage – you should put in a claim to your insurers who will then send someone out to inspect the damage. It will then be up to the insurers to attempt to recover the cost of any repairs. But it’s unlikely that the tree owner will be held responsible unless they were warned about the potential damage. THE fitter who installed