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Home / News and Insights / Press / Should I pay rent to my son?

Partner in our Private Wealth team, Owen Byrne, answers a reader’s question regarding the rules on a wife remaining in a family home once her husband has passed away and her son is set to inherit in an article for the Financial Times.

Drawing on the stipulations around Inheritance Tax (IHT) Owen Byrne explains that there are three available routes in which the mother can give all or part of the property to her son while still living there:

‘First, bearing in mind we are within two years of your husband’s death, you could vary your inheritance to give your son a share of the property equivalent to your husband’s nil rate band (£325,000) and residence nil rate band (£175,000) so that your son inherits a share from his father but without an IHT bill. This is not treated as a gift by you. Second, you could just give your son a share of the property without any variation of your husband’s estate.’

Subscribers can access the rest of the article on the Financial Times website.

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