An estate includes two properties. There are two executors - a solicitor and a lay executor. The latter is also a beneficiary.
The executors transfer both properties to the executor who is a beneficiary. This executor had previously made a loan to the estate to pay IHT. The total value of the two properties is more than the net inherited amount due to the beneficiary. So instead of having the IHT loan repaid, he in effect 'pays' the excess over and above net inheritance by not receiving repayment of the IHT loan in cash.
Is the IHT loan in effect 'chargeable consideration' and so SDLT is due on this sum?
To transfer the properties the executors opted to Assent. However, they transferred the properties into joint names - the executor and his wife. The wife is not a beneficiary of the will.
By naming the wife as a transferee (beneficiary) on the AS1 forms, when she is not a beneficiary, have the executors behaved dishonestly and outside their legal rights?
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