Money from inheritance to transfer to/save for children

xylophone

That's a good point, but I don't know whether it's accurate

I don't know either which was the purpose of the question mark.

It simply seems logical that as the money has been paid to the legatee's account (presumably with her agreement), the money now belongs to her.

If so, then she would be giving the money to her children.

Using CTF/JISA would obviate any concerns about the "£100 rule"?

bigadaj

A quick google suggests a deed of variation can be completed after distribution, though this is just Internet research so would need confirmation. Also the deed will cost in solicitors time so it is dependent on the costs against future savings in tax etc.

xylophone

suggests a deed of variation can be completed after distribution

I have been investigating further and found this http://uk.practicallaw.com/4-500-3058

"It can be made either during the administration of an estate or after it has been finalised, when assets may already have transferred to the original beneficiary."

Also the deed will cost in solicitors time so it is dependent on the costs against future savings in tax etc.

According to http://www.hmrc.gov.uk/cto/customerguide/page21.htm

"Usually a solicitor will draw up a formal deed, but this is not essential."

However it seems essential that it is done as HMRC directs so that the guidance would need careful study.

The HMRC guidance does not cover making a DOV after distribution -it merely mentions the two year rule.

Lynholmer_Park

Thank you all for your further perspectives (apologies for not acknowledging beforehand but I've been away from computer access for the last few days).

The information re DOV is of interest, given I am within the 2-year time limit, but given sums involved may not be worth my while given the option of JISA/CTFs minimising tax on savings implications (e.g. parents gifting their children).

Once again, I appreciate everyone taking the time to comment/share views.