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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4075
Experience:  FCCA FCMA CGMA ACIS
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PUTTING PROPERTY IN TRUST

Customer Question

PUTTING PROPERTY IN TRUST
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
Could you please expand upon you question?
Customer: replied 2 years ago.

My mother is quite mature and looking how to protect her property if at some point in the future she needs to go into care

Expert:  bigduckontax replied 2 years ago.
By doing this she will loose control of the property which will pass to the trustees. Depending on the wording of the trust deed she could loose everything. Dickens's plots are still relevant today. Unscrupulous trustees are still about. She should consult a local, trusted professional to draw up the trust deed to protect not only her , but the beneficiaries.
Gov UK web site has a very good summary of the consequences of putting property in trust. You can find it here:
https://www.gov.uk/trusts-taxes/trusts-and-income-tax
It is a good read for a wet afternoon.
One problem with trusts is when the trustees sell off the property at some future, indeterminate there will be a Capital Gains Tax charge of 28%.
I do hope I have given you some food for thought with your question. There is a lot to consider here; your Mother should seek professional advice.