Capital Gains Tax

22nd Feb 2019

Is it a better option to assent my deceased mother's property to my brother and me and then gift half of our halves to our spouses, or to change the Will to include all four of us?

This procedure would be for us to be able to use more tax relief against CGT.

CATEGORY: Wills, Probate & Trusts


1 answer
  • Thomas Simpson Solicitors Ltd

    It is of course possible to assent shares of the property to you if you are beneficiaries.  However if you then gift the property on this will affect your own inheritance tax prosition for the next 7 years.

    You could prepare a deed varying the Will to include all 4 of you which would avoid this problem.

    This is slightly complex and you must ensure you understand the effect on both CGT & inheritance tax.  We would advise you to take professional advice from an appropriately qualified solicitor or accountant prior to taking any action.

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    Thomas Simpson Solicitors Ltd

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