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Gift with Reservation

A Gift with Reservation of benefit is a gift where somebody gives something away however they retain some benefit.
 
An example of this would be where a person transfers their property into the names of their children then continues to live in the house.
 
Under these circumstances, when applying for probate, the Inland Revenue would consider the house a Gift with Reservation of Benefit and the value of the house would form part of the deceased's estate.
 
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