Re: CGT and IHT


"Ronald Raygun" <no.spam@xxxxxxxxxxxxxxxxxxxxx> wrote in message
news:4gLnj.85022$c_1.4632@xxxxxxxxxxxxxxxxxxxxxxxxxxxxx
tim (not at home) wrote:

"Ronald Raygun" <no.spam@xxxxxxxxxxxxxxxxxxxxx> wrote in message
news:MqGnj.84897$c_1.48161@xxxxxxxxxxxxxxxxxxxxxxxxxxxxx
google@xxxxxxxxxxxxx wrote:

Finally, if we do decide to go with this scheme, is a simple letter
saying "I gift you a further 98% of <property> on identical terms to
the deed of trust dated <date>" or "I hereby sell you 98% of
<property> for <amount>." ok?

Probably, but it would be better to send a copy to the taxman,
to make it "official".

No that most certainly won't do. The transfer has to be properly
conveyenced, stamped and registered, with all duties and fees, as
appropriate, paid.

No, I don't think that is the case. It would be if the intention were
to transfer legal title, but that is not necessarily what is being
proposed here. For CGT/IHT purposes, a mere transfer of beneficial
interest, *without* a conveyance, ought to suffice.

I'm afraid the we end up with a pantomime script but I don't think it will.

You're not transferring the right to rental income here (which I believe can
be transferred as you describe), but the actual value in the property. I
fail to see how you can effectively transfer the value for CGT
crystallisation purposes, without actually transferring the property.

tim
value



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