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Where Taxpayers and Advisers Meet

Inheritance Tax

webbm
Posts:1
Joined:Tue Oct 02, 2018 10:29 am
Inheritance Tax

Postby webbm » Tue Oct 02, 2018 3:18 pm

Jointly own a property with my dad, we had a trust made which stated it is mine 100% but has since lost it the piece of paper.
We are planning on changing the name of the house to a single name. What are the tax considerations we need to take?
Is better to just to leave it but would that Inheritance Tax?

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Inheritance Tax

Postby AGoodman » Wed Oct 03, 2018 11:08 am

Provided the dec of trust was executed it remains valid, albeit lost. Is there not a copy anywhere - or even a draft on a solicitor's file?

Just in case HMRC query it, I trust you have an explanation for dad being on the title (mortgage ?)

If you are keeping the property in joint names, it would be wise to execute a new confirmatory declaration, recording the original arrangement and that the deed has been lost.


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