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Michael Holly
Michael Holly, Solicitor
Category: Law
Satisfied Customers: 6953
Experience:  I have 20 years of experience as a solicitor in litigation and other areas
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I am a beneficiary of my late aunt's will and have been

Customer Question

I am a beneficiary of my late aunt's will and have been asked by those dealing with her estate, the following question. I live in rented accommodation and I own a quarter share of my late mother's property which my mother's partner still lives in as protected by mother's will. I do not own or have interest in any other property.Dear Mr Matthews,
I am writing in relation to the estate of the late Mrs Hilda Emily Samson.
I was just wondering if you had received the email sent to you by my colleague Hardip Mann dated the 25th May 2017 regarding whether you would like the loss on the sale of the property appropriated to you.
Once we have your response and the buyers have confirmed if they have any queries we will be in a position to move forward with the sale.
If you have any questions please do not hesitate to contact me.I do not understand where lesson the sale arises from and do I need to have such loss appropriated to me.Regards
Mr Peter Matthews
Submitted: 5 months ago.
Category: Law
Expert:  Aston Lawyer replied 5 months ago.

Hi Peter,

Thanks for your enquiry.

Could you please send me a copy of the email dated 25th May?

Kind Regards

Al

Customer: replied 5 months ago.
Thank you, ***** ***** following text of email of 25 May 2017.
***@******.***
To***@******.*** May 25 at 10:54 AM
Dear Mr Matthews,
We write with reference to the estate of the late Mrs Samson.
Capital Gains tax affects a second property that you sell for a gain. However everyone has a Capital Gains Tax allowance which is currently £11,300.00 which they can use against a Capital Gains tax liability.
Please seek independent legal advice as they will be able to look at your personal circumstances including your mother's property under her Will to confirm if appropriating the loss from this estate will be beneficial or even necessary for you.
Please note your share of the loss will be in the region of £3,000.00. The property is in the final stages of the sale so please make us aware if you require your share to be appropriated as soon as you have sought advice.
Kind Regards
Hardip on behalf of Marianne.
T: +44 (0)1789 777346 F: +44 (0)1789 405350 E:
The information in this email is private and is intended only for the named recipient and may be privileged or confidential. If you are not the intended recipient please notify us by telephone immediately and confirm that it has been deleted from your system and any copies destroyed. If you are not the intended recipient you are strictly prohibited from using, copying, distributing or disseminating this e-mail or any information contained in it.
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Chorus Law Ltd, Heron House, Timothy’s Bridge Road, Stratford upon Avon CV37 9BX. Registered in England and Wales No.(###) ###-####
Expert:  Michael Holly replied 5 months ago.

Dear *****.

This is all to do with tax. The sale of your aunt's property has realised a loss of about £3,000. The solicitors are aware that you have an interest in your mother's property. They are asking you if you want the loss recorded on your behalf so that should you own your own property by the time your mother's property is sold which will involve you making a capital gain you can set this loss against that gain.

I hope this assists. If there are any further points please reply I will be happy to respond.

Kindly rate my answer on the system so I get credit for my time.

Best wishes

Michael