Q&As

The deceased left the residue of her estate to her two children, A and B, in equal shares. The residue consists of a property, which is still registered in the name of the deceased, and a portfolio of investments worth in excess of the value of the property and which has already been transferred to the individual names of A and B (50% each). A now wishes to retain the property and buy out B. If the executors were to transfer the property to A (as her half share in the residuary estate) and arrange for the fund manager to transfer a compensatory part of the investment portfolio from A to B, would this be classed as a sale by A and subject to stamp duty and any other relevant taxes?

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Produced in partnership with Ward Hadaway
Published on LexisPSL on 29/02/2016

The following Private Client Q&A produced in partnership with Ward Hadaway provides comprehensive and up to date legal information covering:

  • The deceased left the residue of her estate to her two children, A and B, in equal shares. The residue consists of a property, which is still registered in the name of the deceased, and a portfolio of investments worth in excess of the value of the property and which has already been transferred to the individual names of A and B (50% each). A now wishes to retain the property and buy out B. If the executors were to transfer the property to A (as her half share in the residuary estate) and arrange for the fund manager to transfer a compensatory part of the investment portfolio from A to B, would this be classed as a sale by A and subject to stamp duty and any other relevant taxes?
  • Transfer and/or purchase of the property
  • Share portfolio
  • Deed of variation

The deceased left the residue of her estate to her two children, A and B, in equal shares. The residue consists of a property, which is still registered in the name of the deceased, and a portfolio of investments worth in excess of the value of the property and which has already been transferred to the individual names of A and B (50% each). A now wishes to retain the property and buy out B. If the executors were to transfer the property to A (as her half share in the residuary estate) and arrange for the fund manager to transfer a compensatory part of the investment portfolio from A to B, would this be classed as a sale by A and subject to stamp duty and any other relevant taxes?

The question confirms that the deceased has left her estate to her two children, A and B, in equal shares. The residue consists of a property, still registered in the name of the deceased, and a portfolio of investments worth in excess of the value of the property. The portfolio has already been transferred into the individual names of A and B, with each receiving 50%.

A now wishes to receive the property from the estate, and to buy out B. It has been asked whether,

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