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JGM, Solicitor
Category: Law
Satisfied Customers: 12293
Experience:  30 years as a practising solicitor.
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Can one make more than one deed of variation? We have

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Can one make more than one deed of variation?
We have already made one deed passing on money to children. Cna one make another for a bit more money before the two years are up?

Thank you for your question. HMRC's policy is that a variation that redirects an interest that has already been redirected by a variation will not be treated as retrospective for IHT, under section 142 of IHTA 1984. That is, there can only be one variation in relation to the same item or part of the same item of property in the same estate (see paragraph IHTM35081, HMRC Inheritance Tax Manual and Russell v IRC [1988] STC 866 upholding HMRC's treatment). So the asset here is money. you have already elected to vary the will to that extent. It is unlikely that you will be able to do a further variation although that may depend on the overall structure of the estate and whether the initial variation has been intimate to HMRC. Speak to the solicitor winding up the estate about the provisions I have cited above. I hope that helps. Please leave a positive rating so that I am credited for my time.

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