Iht 400 question 30 asks if there was any lifetime gifts made after 1986, and if so use iht403.
Deceased made a gift of family house to son 15 years ago under both their joint names. 3 years later son bought father remaining share of house, and father moved out and bought his own house which he lived in untill death.
If i say yes to this question iht403 asks about gifts made within 7 years ans then asks about GWR. None of which the above falls under, so should i under NO to q.30? Im confused as a gift was made which has fallen out of estate but feels like the form is non relevant
Yes but there is no reservation of benefit as both lived in their own places in this example. So q 8 to 12 will all be no answers, and theres nothing to fill on this form.
A similar situation occurs with question 36 on IHT400 regarding pensions where the answer is yes but then the answers to the relevant questions on IHT409 are all no.
As Duncan says, the person signing the form has to answer the questions truthfully, even if this means sending in forms which only have “no” answers.
Ok thank for the replies.
In this example, father and son lives together, house is put into joint names and they live together. Few years later son buys father share for cash, father uses that money and his own to buy his own place.
Father passes away 13 or so years later, so is there any iht liability, can the full rnrb be claimed? There should be no poat or gwr.