Will in Trust

Keep_pedalling

roxytoo wrote: »

Thanks, I am a landlord already of 2 properties so know the legal side of that. It is a complicated situation and even paying for advice is not easy as there doesn't seem to be a definitive answer. I don't think our solicitor is that good(maybe time to change?) as I think the situation is unique to use and he doesn't seem to know much..........We asked about the 'any other events' bit but it seems that's relative to HER situation. i .e if SHE wanted to do a deed of variance to relinquish her rights to the trust. Re the tax though I understand you don't need to register a trust until there is a tax liability but how do we know if she will have a tax liability? Do we have to see her income?

I think you will find there will be a tax liability as soon as you start receiving rent on the property. It is the trust income that is taxed so her income and tax allowances don’t come into it. However no one here is an expert, which is why you need to consult an accountant who is competent at dearly with trusts. Solicitors are not tax experts.

Yorkshireman99

Keep_pedalling wrote: »

I think you will find there will be a tax liability as soon as you start receiving rent on the property. It is the trust income that is taxed so her income and tax allowances don’t come into it. However no one here is an expert, which is why you need to consult an accountant who is competent at dearly with trusts. Solicitors are not tax experts.

A STEP member would be best.