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Where Taxpayers and Advisers Meet

Will a declaration of trust remove RNRB benefits

mobile
Posts:13
Joined:Tue Dec 13, 2016 9:43 am
Will a declaration of trust remove RNRB benefits

Postby mobile » Wed Jan 23, 2019 4:35 pm

Hi
I have read somewhere that if a house is held in a trust then owners will lose their residence nil rate band benefits because the house is 'owned' by the trust and not by the people living there. My parents and I live in the same house. If we were to do a DOT to agree our beneficial interests would we lose our residence nil rate band benefits, because the house would be owned by the trustees or held on trust for them? Silly question, but I have looked online at some DOT and they have some strange wording. Would a DOT to confirm our respective ownership interests result in us losing our RNRB?

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Will a declaration of trust remove RNRB benefits

Postby AGoodman » Thu Jan 24, 2019 11:45 am

A DoC just setting out your share in a tenancy in common would be a bare trust and transparent for tax. It would not affect the availability of RNRB


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