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bigduckontax
bigduckontax, Accountant
Category: Tax
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I want to create a deed of trust saying that a property that

Customer Question

I want to create a deed of trust saying that a property that I am just about to sell is held my me on behalf of my wife and myself. What is the wording to use and is there a suitable draft hat I could base this on?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Juat Answer, and pleased to be able to help you with your question. I am at some loss as to why you need a deed of trust at all. Could you please expand upon the position.
Customer: replied 1 year ago.
My parents house was given to me and my deceased sister in 2003. When she died the 50% share was inherited by my brother in law. My Mother died earlier this year and we are just about to complete on the sale of the house. My accountant suggested that if I shared my 50% of the ownership with my wife (by a trust deed) then we could use both of our CGT allowances when it came to paying CGT.
Expert:  bigduckontax replied 1 year ago.
Well I suppose that is a possibility, but I suspect that HMRC would regard it as blatant tax avoidance bordering on evasion and decline to allow a double tranche of Annual Exempt Amounts. You could always try it of course, HMRC can only say no, but there are the solicitor's costs connected with the trust creation and the conveyance to be taken into account.
Customer: replied 1 year ago.
Do you think that making a simple declaration in writing witnessed by others has any chance of being accepted as evidence that it in our joint possession?
Expert:  bigduckontax replied 1 year ago.
Well, it might. and it might be accepted; I would not bank on it though.
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Customer: replied 1 year ago.
OK. I quess I cant complain if the answer isn't quite what I wanted to hear but thanks anyway and have a nice weekend
Bye
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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