Client’s mother died in last 6 months;after all IHT & estate expenses there is now £1m to distribute between the 2 residuary beneficaries;one of the beneficaries wishes to take the private residence (valued at £625K) & continue living there.
For this to go ahead the Exors (who are also the beneficaries) will need to assent the property etc
Will the £125k shortfall between the two beneficaries (once paid) create any SDLT issues/reporting etc
The equality money of £125,000 is chargeable consideration whether paid or left outstanding as a debt. See SDLTM00570. There are examples in 00570A though not your precise facts, which is odd as it seems rather typical.
Jack Harper
Someone replied to a topic you are Watching.
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8 April |
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Client’s mother died in last 6 months;after all IHT & estate expenses there is now £1m to distribute between the 2 residuary beneficaries;one of the beneficaries wishes to take the private residence (valued at £625K) & continue living there.
For this to go ahead the Exors (who are also the beneficaries) will need to assent the property etc
Will the £125k shortfall between the two beneficaries (once paid) create any SDLT issues/reporting etc