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Where Taxpayers and Advisers Meet

Declaration of Trust

Posts: 1
Joined: Wed Sep 12, 2018 2:54 pm

Declaration of Trust

Postby Philpot » Wed Sep 12, 2018 3:00 pm

My daughter and I are tenants in common on a flat. However we both signed a Declaration of Trust which states that in the event of a sale 100 of proceeds (less mortgage) go to me. We now want to remove that restriction making my daughter and I joint beneficiaries. are there tax consequences.

Posts: 7498
Joined: Wed Aug 06, 2008 3:25 pm

Re: Declaration of Trust

Postby maths » Thu Sep 13, 2018 6:19 pm

Does the declaration not indicate how the beneficial interest in the flat is split between the two of you?

If this split is changed then CGT would probably be chargeable on any gain made by the transferor.

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