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Where Taxpayers and Advisers Meet

Proceeds from sale of home

Joined:Wed Aug 06, 2008 3:50 pm

Postby mark_r » Mon Mar 05, 2007 4:11 am

I am a widow and sold my home last year. I gave the proceeds of this sale, £620,000, to my 4 children as an unconditional gift (writing a signed letter to confirm this) in an attempt to make the most of the seven year rule to avoid IHT. They then decided to put the money into a joint account and not to touch it until after my death. However, I am concerned that by doing this it may appear that the money was not a gift at all and that my intentions could be disputed. Any thoughts?
Joined:Wed Aug 06, 2008 3:13 pm

Postby » Mon Mar 05, 2007 4:36 am

Unless you have control of the account or the money was somehow re-routed back for your benefit I don't see a problem?

Joined:Wed Aug 06, 2008 3:25 pm

Postby maths » Mon Mar 05, 2007 8:54 am

Agree with CDavey.

If gift by you unconditional; if children decided amongst themselves to put money into joint account to which you are not a party; if they without your participation decided to leave it there until your death; then no problems for you.

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