gift with reservation of benefit
- gift with reservation of benefit
-
England, Wales
A gift which is not fully given away; the person making the gift (the donor) keeps back some benefit for him or herself. For example, if a donor gives his home to his adult children (who live elsewhere) and continues to live there rent free, this would be a gift with reservation of benefit and caught by section 102 of the Finance Act 1986, which charges such gifts as though they remained in the donor's estate for inheritance tax purposes.
For further information see Practice note, Inheritance tax: overview.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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