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Where Taxpayers and Advisers Meet

Deed of variation in inheritance

johnsamir
Posts:6
Joined:Wed Jun 05, 2024 10:06 am
Deed of variation in inheritance

Postby johnsamir » Tue Jun 11, 2024 8:22 am

I want to use services from

Code: Select all

https://www.legendfinancial.co.uk/inheritance-tax-specialist/
and need some recommendations: If two siblings inherit their parent's estate, valued at £800,000, and one sibling wants to transfer their share to the other through a Deed of Variation, how will this impact the inheritance tax liability for both siblings? Thank you.

AGoodman
Posts:1793
Joined:Fri May 16, 2014 3:47 pm

Re: Deed of variation in inheritance

Postby AGoodman » Tue Jun 11, 2024 1:50 pm

The siblings do not have any inheritance tax liability as the tax isn't payable by the heirs. The estate has inheritance tax liability and what you are suggesting would not change it.

AGoodman
Posts:1793
Joined:Fri May 16, 2014 3:47 pm

Re: Deed of variation in inheritance

Postby AGoodman » Tue Jun 11, 2024 1:56 pm

I should also mention that the answers to all 5 FAQs on that homepage are either wrong or deeply misleading.

Tread carefully.

Jholm
Posts:386
Joined:Mon Mar 11, 2019 4:22 pm

Re: Deed of variation in inheritance

Postby Jholm » Wed Jun 12, 2024 12:09 pm

Well spooted AGoodman, had a look myself and you aren't joking!

pawncob
Posts:5119
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Deed of variation in inheritance

Postby pawncob » Tue Jun 18, 2024 12:08 pm

I read their take on avoiding CGT as well. Pitfall after pitfall.
With a pinch of salt take what I say, but don't exceed your RDA


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