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TonyTax
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When my husband died my 2 became joint trustees along with

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When my husband died my 2 became joint trustees along with me to my home. (1/4 each to them 1/2 mine) and the deeds have been amended accordingly. One son is in the process of buying his first home which he will live in with his wife. Will his joint trusteeship of my home count as a second home even though he under the will only has trusteeship and I have full residence?. He is concerned that he will have to pay the higher rate of stamp duty if he cannot complete before 1 April 2016.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Can you tell me what the terms of the trust are please.
Customer: replied 1 year ago.
Myself and my 2 sons are trustees. The trustees allow me to reside in the property with no rent & I am responsible for rates, repairs & insurance. The property cannot be sold without my consent. I live in the property and there is no income arising from the property
Expert:  TonyTax replied 1 year ago.
Do you have the right to live in the property until you die at which time, your sons will assume full ownership?
Expert:  TonyTax replied 1 year ago.
Whilst the detailed proposed legislation will be announced at Budget time in March, you might take a look at the consultation document here. In paragraph 2.13, it says that an inherited property will be counted when determining whether the increased rate of stamp duty is applied to a subsequent property purchase. However, if you then look at paragraph 2.21, it says that where an individual is a remainderman of an interest in possession trust (of which you are the life tenant), the property which is held by the trust will not be counted when determining whether the increased rate of stamp duty is applied to a subsequent property purchase. That will be the case so long as the property you are living in remains in the trust so your son should not have to pay the increased stamp duty on the property he is currently buying. See Example 38 here. Your son is C in this case. I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15835
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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