My two sons and myself purchased a property in 2010 that had a small parcel of land.
In 2011 we gained planning permission to build 2 detached houses. We separated the land from the original title deeds and called them Plot 1 and Plot 2.
In 2013 we sold Plot 2 and shared the proceeds amongst the three of us.
In 2014, after a prospective buyer pulled out, my oldest son purchased Plot 1 from myself and my youngest son. We then loaned my eldest son £45000 each (to help him build a house on the plot) by way of a promissory note which is shown as a restriction on his title deeds.
In 2016 my eldest son completed the build and lives in the house.
We would like to remove the restriction from my oldest son’s title deeds – in my case the £45,000 will be a gift and in my younger son’s case, some of the money has already been repaid, and they have agreed how the remainder will be paid off by regular instalments.
I understand that if I live for 7 years there will be no tax to pay on the gift made by me.
Will there be any tax implication for my younger son. I can't see how there would be as this is just an interest free loan being paid back.
Can we remove this restriction ourselves or do we need a conveyancer.
Any help would be much appreciated.
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