The donor owns an investment property portfolio and wishes to gift a 75% share to the donees, his three adult children. The donor will retain a 25% share and will continue to receive 100% of the rent from the portfolio. None of the properties are occupied by any of the parties.
This arrangement, on the face of it, will be a GWROB.
However, as the gift is of an undivided interest in land and the donor does not occupy the land, it would appear that the exception in S102B FA 1986 will apply, and so the gift will not be considered a GWROB.
Can anyone confirm whether they have dealt with a similar arrangement and, if so, whether the S102B exception was successfully applied?