Just a question/ scenario on Section 86 Tax Relief.
My sister and I jointly own a property in which my sister's son currently lives. If he continues to reside there for a period of 3 years (he doesn't own any property in his own right), can my sister and I gift the property to him free of inheritance tax under Section 86 relief, assuming he is prepared to continue living in the property for a further 6 years ?
My sister and I jointly own a property in which my sister's son currently lives. If he continues to reside there for a period of 3 years (he doesn't own any property in his own right), can my sister and I gift the property to him free of inheritance tax under Section 86 relief, assuming he is prepared to continue living in the property for a further 6 years ?