Poj McDodge
08-01-2008, 11:20 AM
Can anyone point me & my solicitor in the right direction regarding setting up a deed of trust.
Our situation is that my wife purchased a house in April 2006 for £90k rented it out for 8 months then sold it in March 2007. through advice from this site to reduce capital gains tax it was decided that we would transfer 45% of the property to myself using a deed of trust, at the time my our solicitor said this was possible.
Now we have got around to doing the tax return and asked the solicitor for the details of the deed he is saying it wasn't possible because the house wasn't in joint names (obviously that was the point of one).
I haven't spoke to him about it as my wife deals with that side of the business my thinking is he is getting confused with form 17 mentioned in this link which is a very similar situation to ours.
http://www.landlordzone.co.uk/forums/showthread.php?t=2421
I know legally this should have been sorted before the property was sold but that is only to do with dates on the documents. I have a new accountancy firm who seem to know about trust deeds when we went for our first meeting with them and told them the situation saying the trust deed was set up and accepted that is OK. They would probably know the way to sort this out but would leave that as a last option as I don't want to look dodgy.
Can any body help me with some information to give to my solicitor to get it sorted.
The accountants haven't asked for the deed of trust could they just fill in the tax returns stating the 45% of value transfer or should I tell them the situation?
Thanks
Poj
Our situation is that my wife purchased a house in April 2006 for £90k rented it out for 8 months then sold it in March 2007. through advice from this site to reduce capital gains tax it was decided that we would transfer 45% of the property to myself using a deed of trust, at the time my our solicitor said this was possible.
Now we have got around to doing the tax return and asked the solicitor for the details of the deed he is saying it wasn't possible because the house wasn't in joint names (obviously that was the point of one).
I haven't spoke to him about it as my wife deals with that side of the business my thinking is he is getting confused with form 17 mentioned in this link which is a very similar situation to ours.
http://www.landlordzone.co.uk/forums/showthread.php?t=2421
I know legally this should have been sorted before the property was sold but that is only to do with dates on the documents. I have a new accountancy firm who seem to know about trust deeds when we went for our first meeting with them and told them the situation saying the trust deed was set up and accepted that is OK. They would probably know the way to sort this out but would leave that as a last option as I don't want to look dodgy.
Can any body help me with some information to give to my solicitor to get it sorted.
The accountants haven't asked for the deed of trust could they just fill in the tax returns stating the 45% of value transfer or should I tell them the situation?
Thanks
Poj