- Gifting property to your children can mitigate tax liabilities
- You need to consider whether it is more efficient to pass it on while you are alive or after your death
- In some cases it makes sense to pass it on within a trust
Whether you’re looking to reduce the value of your estate for inheritance tax (IHT) purposes, reorganise ownership of your family’s properties or hold your business premises in a tax-efficient way, there are numerous scenarios in which it could make sense to pass property to your children. The most workable and cost-effective solution will depend on your own and your family’s circumstances, and reasons for wanting to pass the property on. But there are various considerations to be aware of, the most obvious being whether to transfer the property as a lifetime gift or wait until after your death.