Q.1 When should I transfer my main residence to my children?
For inheritance tax (IHT) purposes, all other things being equal, is it better to leave a main residence to one’s children when one dies or during one’s lifetime?
Arthur Weller replies:
If someone leaves their main residence to their direct descendants when they die, they are eligible for the IHT residence nil-rate band (RNRB), currently £175,000 per individual. However, this RNRB is not available on a lifetime transfer.