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Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Law
Satisfied Customers: 10314
Experience:  Dual qualified Solicitor and Attorney
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Can a someone with legal title but not beneficial interest

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can a someone with legal title but not beneficial interest gift a property
JA: Where is this? It matters because laws vary by location.
Customer: England
JA: What steps have been taken so far?
Customer: negotiations about the correct method to transfer the property to the beneficial owners 9who do not have the legal title) from the person with legal title (but no beneficial interest)
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Not at this stage
Customer: replied 10 days ago.
oh and gift the property at nil

Hi thank you for your message, please note that I will look to provide an accurate but nevertheless speedy reply to your inquiry. I will endeavour to help you today.

Customer: replied 10 days ago.
sorry I should add gift the property at nil consideration to the party with beneficial interest

Yes they can gift the legal title to the beneficial owners at nil value. I trust this assists

Customer: replied 10 days ago.
if they are just gifting the legal title will they be liable for IHT or CGT?

No they will not be liable for either. I trust this assists

Jeremy Aldermartin and other Law Specialists are ready to help you
Customer: replied 10 days ago.
for clarification: a transfer of legal title at nil consideration from a non beneficiary to the beneficial owner involves no tax liability? Is the term gift correct in those circumstances? Or to proceed with a TR! does it have to be made clear that it is simply the legal title that is being transferred?
Customer: replied 10 days ago.
What I need to understand is the correct conveyancing process and terminology - surely in such a situation the legal owner is transferring the title not 'gifting' ? Semantics maybe but quite a sticking point with negotiations I am in
they are transferring the legal title to the beneficial owner and thus uniting the legal and beneficial ownership at nil value which has no tax liability. I trust this assists