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. . 2010.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • gift with reservation — A gift in which the donor retains some benefit from the asset given away. Examples include: • shares given away from which the donor continues to receive the dividends; • property given by a parent to a child, although the parent continues to… …   Accounting dictionary

  • gift with reservation — A gift in which the donor retains some benefit from the asset given away. Examples include: • shares given away in which the donor continues to receive the dividends; • property given by a parent to a child, although the parent continues to live… …   Big dictionary of business and management

  • estate — es·tate /i stāt/ n [Anglo French estat, literally, state, condition, from Old French, from Latin status, from stare to stand] 1: the interest of a particular degree, nature, quality, or extent that one has in land or other property compare fee;… …   Law dictionary

  • Inheritance Tax (United Kingdom) — In the United Kingdom, Inheritance Tax was first introduced as a tax on estates in England and Wales over a certain value from 1796, then called legacy, succession and estate duties. The value changed over time and the scope of estate duty was… …   Wikipedia

  • India — /in dee euh/, n. 1. Hindi, Bharat. a republic in S Asia: a union comprising 25 states and 7 union territories; formerly a British colony; gained independence Aug. 15, 1947; became a republic within the Commonwealth of Nations Jan. 26, 1950.… …   Universalium

  • Taxation in the United Kingdom — This article is part of the series: Politics and government of the United Kingdom Central government HM Treasury HM Revenue and Customs …   Wikipedia

  • grant — Synonyms and related words: OK, accede to, accept, accommodation, accord, accord to, accordance, acknowledge, administer, admit, admit everything, admit exceptions, afford, agree provisionally, agree to, aid, alimony, allocate, allot, allotment,… …   Moby Thesaurus

  • United States — a republic in the N Western Hemisphere comprising 48 conterminous states, the District of Columbia, and Alaska in North America, and Hawaii in the N Pacific. 267,954,767; conterminous United States, 3,022,387 sq. mi. (7,827,982 sq. km); with… …   Universalium

  • Germany — /jerr meuh nee/, n. a republic in central Europe: after World War II divided into four zones, British, French, U.S., and Soviet, and in 1949 into East Germany and West Germany; East and West Germany were reunited in 1990. 84,068,216; 137,852 sq.… …   Universalium

  • literature — /lit euhr euh cheuhr, choor , li treuh /, n. 1. writings in which expression and form, in connection with ideas of permanent and universal interest, are characteristic or essential features, as poetry, novels, history, biography, and essays. 2.… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”