Gifting land but retaining a right to use land

[Brenno123]

Hi there
Just wondering is there a legal instrument wherby a father can gift land to his children but retain a right to use the land until he dies (similar to a "right of residence" for a house). He wants to pass the land absolute to us now (but be protected with a right of "use" until he dies). If there is such a facility what is it called?

Also, if there is a facility, can we take a deduction for CAT purposes similar to the way a right of residence burden is tax deductible?

 

[Ravima]

You need to talk to a solicitor re the first question and to an accountant/tax advisor re the second.

 

[Brenno123]

Thanks Ravima...but really, did you have to state something so ridiculously obvious?
This is a forum wherby people give advice based on their own understandings,knowledge and experience (which of course does not in anyway replace professional advice).
So please use it as Forum If you have something constructive to add,not just point them in the direction of the professional they should use.

 

[Ravima]

Sometimes one simply needs to be pointed in the right direction and then you find the answers.

Both father and children will need to obtain separate legal advice re the transfer. The question can be asked by both of the solicitor. The same solicitor acting for both doner and beneficiary is no longer allowed.

Whilst some people deal with CAT themselves, most would seek professional advice and the question can be asked of the accountant. I do agree if you are NOT seeking accountant advice, then perhaps another poster might be able to point you in the right direction. However, no matter what advice is given on a BB, I think it would be unwise to accept the advice as being 100% correct and would always counsel someone to get professional advice as well.