Buzzoni and others v Revenue and Customs Comrs [2013] EWCA Civ 1684; [2014] WLR (D) 13
‘Whether property disposed of by way of gift was enjoyed to the entire or virtually entire exclusion of any benefit to the donor by contract or otherwise, and whether it constituted property “subject to a reservation” within the meaning of section 102(1)(b) of the Finance Act 1986 for the purposes of inheritance tax under the Inheritance Act 1984, depended not on whether the donor had obtained a benefit from the gifted property but whether the donee’s enjoyment of that property remained exclusive. If the benefit to the donor had no impact on, was irrelevant to and made no or virtually no difference to the donee’s enjoyment, the donee’s enjoyment was to the entire or virtually entire exclusion of any benefit to the donor and, therefore, the gifted property would be an exempt transfer and not subject to inheritance tax.’
WLR Daily, 19th December 2013
Source: www.iclr.co.uk
