Transfer versus appropriation

lulabel5

Hi there
What is the difference between transferring an inherited property and appropriating it? And what do the processes involve? Our solicitor has not been very forthcoming on this issue!

unholyangel

Any more context that can be given?

Generally transferring is when the owner transfers ownership to someone else. Appropriating is when you assume ownership/treat something as if it is your own. In other words, transferring is giving while appropriating is taking.

When you say property do you mean personal belongings? Or as in a house/land?

I'm assuming the latter (for obvious reasons) but like to make sure. Is the value of the property going to exceed Capital Gains Tax? I presume you are the executor? Or is the solicitor?

lulabel5

This regards a house. One of two beneficiaries has been given the option to take the house as part of their share of the inheritance. Is this best done by the legal process of appropriation? Is that different to having it transferred? Or do the terms both mean the same thing? What does the process entail? Does appropriation means that neither beneficiary has to pay cgt (as neither are 'selling' the property)? How is the value of the property worked out for appropriation? Is just the probate value used?

lulabel5

PS: probate has been granted and all IHT has been paid already.

Yorkshireman99

lulabel5 wrote: »

PS: probate has been granted and all IHT has been paid already.

This appears to be the third thread you have started on the same issue. It would be much more helpful,if you kept to,one.

lulabel5

Sorry if there is a problem with this - the first time I posted I wasn't sure if it was ok to post a new question on somebody else's thread, so I posted the question again as a new thread; however, this question is a different one to the previous question - it would be great if you or someone else could give me a definitive answer - no one's really answered it yet for me!
I have noticed that other posters create multiple threads with exactly the same question in, so it's not just me!

Yorkshireman99

lulabel5 wrote: »

Sorry if there is a problem with this - the first time I posted I wasn't sure if it was ok to post a new question on somebody else's thread, so I posted the question again as a new thread; however, this question is a different one to the previous question - it would be great if you or someone else could give me a definitive answer - no one's really answered it yet for me!
I have noticed that other posters create multiple threads with exactly the same question in, so it's not just me!

Well it does not help! AFAIK there is no diffeence. You have the answers you need in the main thread.