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Where Taxpayers and Advisers Meet

Deed of Variation advice

Joined:Thu Jun 16, 2022 1:52 pm
Deed of Variation advice

Postby lb98 » Thu Jun 16, 2022 2:03 pm

I have inherited a proportion of my late mother's estate. Neither I nor my husband need the money. I wish to write Deed/ letter of variation so that each of my 2 children can receive an amount, not a share.
How do I insert the amount in money rather than a share of the estate into the letter of variation?

In 6 months time I would like to repeat the deed/letter of variation for an additional amount (there is a good reason for the 2 different times of transfer).
This would be all within the 2yrs of my mother's passing.
The amount I would transfer to my children is less than the full amount I have inherited.

The checklist on the HMRC website suggests that this is possible but my solicitors have never heard of a variation taking place more than once.
"But if a beneficiary receives
a legacy of £100,000 and redirects
£10,000 to someone else, he or she can
subsequently (out of the £90,000 left),
give another £10,000 to that same person,
or a completely different person."

Advice needed please. Thanks you!

Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Deed of Variation advice

Postby pawncob » Thu Jun 16, 2022 8:12 pm

If dealing with the same assets, only one deed is allowed.
With a pinch of salt take what I say, but don't exceed your RDA

Joined:Fri May 16, 2014 3:47 pm

Re: Deed of Variation advice

Postby AGoodman » Wed Jun 22, 2022 5:05 pm

Yes, you can vary in respect of one asset (or sum of cash) and then vary again in respect of a different asset or sum of cash.

What you can't do is vary to give £10k to your son and then he varies it again in favour of a third party.

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