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bigduckontax, Accountant
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In the 70's my father made a will leaving the family home to

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In the 70's my father made a will leaving the family home to a trust. A "will trust" I suppose. Myself and my two siblings were beneficiaries. My mother continued to live in the house after his death in 1997. She has moved a couple of times and the new properties have been owned by the will trust. She has recently moved into a nursing home at the age of 91 and her last property is about to be sold. The will trust will therefore have some cash, about 140K, in a few weeks. What are the tax consequences if the individuals took their share? There is also a possibility that myself and my brother would forego our share and give the lot to our sister. Would the trustees have the powers to vary the benefits in a kind of "deed of variation" I suppose? Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  Nicola-mod replied 1 year 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.
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Nicola
Expert:  Nicola-mod replied 1 year ago.
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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?
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Customer: replied 1 year ago.

Yes - please continue. A "tax adviser" rather than "law" would be the way to go.

Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you. I will change this back to Tax for you.
Thank you for your patience,
Nicola
Expert:  bigduckontax replied 1 year ago.
Hello, I'm Keith and happy to help you with your question.
Any tax due would be a liability on the trust and not the beneficiaries and would have to be settled with HMRC before dissolution. Beneficiaries under a will are not taxed on their benefits therefrom.
The Trustees would have to distribute in strict accordance with the terms of the trust. However, if all beneficiaries agree they could vary the distribution on dissolution.
You, and the Trustees, would be well advised to consult a local, trusted solicitor experienced in testamentary administration before proceeding.
I do hope that I have been of some assistance.
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Category: Tax
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Expert:  bigduckontax replied 1 year ago.
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