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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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The Estate of a deceased included £400K probate value of listed

Customer Question

The Estate of a deceased included £400K probate value of listed securities.
The Will also included provisions for a IHT Nil Rate Band Discretionary Trust to be established.
The Executor has so far transferred all the shares into his name but now wishes to transfer £325K of the shares to the Discretionary Trust. He has been advised that the Discretionary Trust cannot hold shares in it's own name.
What action does the Executor need to take to ensure that HMRC accept that the shares belong to the Trust and not to himself? He can obviously continue to hold the shares in his own name on behalf of the Trust and details submitted to HMRC via the Trust Tax Return will advise the assets supposedly transferred but is this sufficient? If so, would he also be acting correctly if he personally apportioned the dividends so that the Trust only enjoyed the element that related to the original £325K worth of shares?
Thanks in anticipation of an explanatory answer.
Regards
***** *****s
Submitted: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 2 years ago.

I'll continue to wait and see if you can locate an appropriate expert.

Thanks

David XXXX

Expert:  Nicola-mod replied 2 years ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 2 years ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Customer: replied 2 years ago.

I am very disappointed that you have not been able to locate a lawyer who should be able to advise on what does not appear to be a particularly complicated legal issue.

I assume that you will now refund the fee I have paid?

Thank you

David XXX

Expert:  Nicola-mod replied 2 years ago.
Hello,
I am very sorry that we could not find someone to assist you.
I will process the refund for you now.
Thank you for giving us a try,
Nicola