Deed of Appropriation - Power Reserved Query
Posted: Tue Jan 10, 2017 5:31 pm
I wonder if someone could clarify whether there are any issues with one of the three named executors / beneficiaries holding "power reserved", but still being able to utilise their CGT allowance for sale of late FIL's property?
for background, probate was granted back in July 2016, following FIL's passing in January 2016. HRMC have confirmed that it is a nil tax case, following referral to District Valuer and that any gain since DOD is therefore a CGT matter.
Can the two sibling executors, appropriate the property for all three beneficiaries prior to exchange of contracts, or would the 3rd executor need to now stand?
Many thanks
for background, probate was granted back in July 2016, following FIL's passing in January 2016. HRMC have confirmed that it is a nil tax case, following referral to District Valuer and that any gain since DOD is therefore a CGT matter.
Can the two sibling executors, appropriate the property for all three beneficiaries prior to exchange of contracts, or would the 3rd executor need to now stand?
Many thanks