Q&As

An individual has held, for 18 months, investment properties registered in his sole name, but on an oral declaration of trust for him and his children. Will a transfer to him and his children now, but subject to documented details of the trust, start the IHT seven-year clock running from the date of the oral acknowledgement of the beneficial ownership under the declaration of trust or the date of transfer of the legal ownership?

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Published on LexisPSL on 14/06/2016

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • An individual has held, for 18 months, investment properties registered in his sole name, but on an oral declaration of trust for him and his children. Will a transfer to him and his children now, but subject to documented details of the trust, start the IHT seven-year clock running from the date of the oral acknowledgement of the beneficial ownership under the declaration of trust or the date of transfer of the legal ownership?

This Q&A covers the requirements for a potentially exempt transfer and, we have assumed that:

  1. the oral declaration of trust was valid and took effect immediately

  2. the document evidencing the declaration of trust, once executed, will be valid and binding and contain the same trusts as those declared by the oral declaration

Where a gift is made to any other person, outside a spouse or charity, or certain

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