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Is memo. of appropriation legitimate still ?
Phil2019
Posts: 1 Newbie
A house was left to 4 of us in a Will. A developer has offered far more than the probate value so CGT is involved. We 4 signed a memorandum of appropriation with me as bare trustee to mitigate CGT putting the house in the names of 4 prior to sale and using our 4 CGT allowances. We later found a 1972 trust that the house is in trust for 2 of us, with us both as trustees. (The other 2 were not born in 1972). We 2 would like to share out the proceeds of the sale to all 4. An assent has been registered at Land Registry to put the house in my name for the sale. Is the memo. still legitimate ? or do we have to personally gift to the other 2, (losing their 2 CGT allowances from the sale in the process). The 1972 Trust trumps the later Will.
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Comments
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Given the potential cost of CGT and possible penalties if you get it wrong I'd suggest spending some money on a solicitor might be a good idea.0
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