Chris worked with the client to avoid further Inheritance Tax after their father and late mother participated in a “Home Loan Scheme.”
The Home Loan Scheme was implemented to allow home owners to remove value from their home for Inheritance Tax purposes whilst allowing them to remain in their home rent-free. However, HMRC views such arrangements as a gift with reservation of benefit which means that Inheritance Tax has arisen.
Chris was able to find a practical solution to prevent further Inheritance Tax arising.