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Where Taxpayers and Advisers Meet

gift with(out) reservation

riccardob
Posts:105
Joined:Sun May 29, 2011 10:02 am
Re: gift with(out) reservation

Postby riccardob » Mon Jul 25, 2011 11:10 pm

No deed of gift necessary.

Whether you hold as joint tenants or tenants in common depends on how you want your respective halves of the property to be inherited - likley to be as tenants in common to leave things as flexible as possible, then ensuring your respective wills do what they need to do.

Ok thanks.

So if no deed of gift is necessary can this be done diy?

I have had a look at tr1 and it looks straighforward. The main thing is to state that there is no money exchange.

I'd rather avoid a convenancying fee earner if possible, the last one we used forgot to register a property at LR....... :roll:

Lee Young
Posts:2694
Joined:Wed Aug 06, 2008 3:26 pm
Contact:

Re: gift with(out) reservation

Postby Lee Young » Tue Jul 26, 2011 8:36 am

The Land Registry is very helpful, so you shouldnt have too many problems.
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner


Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701

riccardob
Posts:105
Joined:Sun May 29, 2011 10:02 am

Re: gift with(out) reservation

Postby riccardob » Wed Jul 27, 2011 6:33 pm

thanks again.

Just to clarify, if the parent gifts only 50% of the ownership am I correct in saying that a rent equal to half the market rent for said property would have to be paid in order to avoid the GWR for iht purposes?

Lee Young
Posts:2694
Joined:Wed Aug 06, 2008 3:26 pm
Contact:

Re: gift with(out) reservation

Postby Lee Young » Thu Jul 28, 2011 11:30 am

Yes
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner


Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701


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