My mother-in-law passed away in 2020. By a deed of trust set up in 1992, she left her house to my wife and me.
We discharged her mortgage in 1994. The house is currently valued at £220,000.
Land Registry was informed of the change of ownership in January this year and it has updated their records accordingly.
We now wish to set up another Declaration of Trust for the property in favour of our two adult children (and hope they survive us by seven years).
I'd like to know three things:
1. Was there any tax (IHT, SDLT or other) on the transfer of my mother-in-laws property, and
2. will there be any tax to pay on setting up a Declaration of Trust for our children, and three
3. would it be better to gift the property to our children?
Thank you.
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