Thank you. Interesting changes. Obviously, I could not have known, because you didn’t tell me, that the house in Seville was only owned by Caroline.
You have changed the date at clause 8. I apologise for putting 1996 and when it was the 1990s. My bad. It’s worth mentioning that it is normal to put “sometime during” the particular year if the date isn’t known. Otherwise, it implies that the incident happened for the whole of that time. It was done intentionally. As a you are happy with it out, that’s fine.
I obviously didn’t know the extent of the ownership of the properties in Seville noted at clause 14.
At least you have a document now that at least the Spanish advocate is happy with, and it’s still valid in English law of course.
Good look with the application of course.
Hi, thank you for your question and apologies for the above incorrect posting. Please confirm if you are in England or Wales?
Thank you. Your mother is free to gift whatever amount she wants to you and there will be no immediate tax implications for either of you. Firstly, if she survives for 7 years after gifting you the proceeds there will be no inheritance tax to pay. However, if she passes away at any time in the next 7 years then the proceeds she has gifted you return to her estate for inheritance tax consideration and the amount of any inheritance tax will depend on when exactly she passes away, initially the potential liability is 40% and this is gradually reduced over the period of 7 years.
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My name is ***** ***** I have been a solicitor for more than 30 years.
I am afraid that since your mother will be living with you the 7 year rule may not apply as it could be regarded as a "Gift with retention of benefits"
You can read more about it here
It is a complex issue - and it may be possible to work the arrangements so that they will be acceptable BUT you must be aware of it and act accordingly
I will be honest - going by what I read there is no question about it.
If your mother lives with you full time - for more than a month - then it will be seen as a "Gift with reservation of benefit"
There is a more readable explanation here
I would draw your attention to this part
"e) Provision for old age, infirmity etc
The donor's occupation of gifted land is not a GWR, broadly, if it represents reasonable provision for his care and maintenance due to old age, infirmity etc, and results from unforeseen changes in circumstances (eg. a sudden serious illness), and the donee is a relative of the donor or of his spouse or civil partner (s 102C(3), Sch 20 para 6(1)(b)). The 'reasonable' test is subjective, and whether it is met depends on the circumstances."
As it oculd be a possible work around