Gift or Loan

getmore4less

What's the deed of variation for?

Preservation of the nil rate bands is is probably the most critical at this stage.

Disjoint

getmore4less wrote: »

What's the deed of variation for?

Preservation of the nil rate bands is is probably the most critical at this stage.

My FIL wants to give some assets to his daughters - at present all goes to him I believe. Which is why the solicitor has recommended a deed of variation.
Although to be frank, after reading a lot of the comments I feel like the solicitors hasn't got a clue as to how to structure things tax wise (fair enough it's not their duty) - however they could have recommended to my FIL to use a tax consultant. Which we are going to be doing before filling the deed of variation.

Glad the MSE crowd really delivered on this one!!!:T

Keep_pedalling

Disjoint wrote: »

My FIL wants to give some assets to his daughters - at present all goes to him I believe. Which is why the solicitor has recommended a deed of variation.
Although to be frank, after reading a lot of the comments I feel like the solicitors hasn't got a clue as to how to structure things tax wise (fair enough it's not their duty) - however they could have recommended to my FIL to use a tax consultant. Which we are going to be doing before filling the deed of variation.

Glad the MSE crowd really delivered on this one!!!:T

It would be better to make gifts. A DoV will reduce the transferable allowance, gifts have a chance of dropping out of the estate. The earlier he makes the gift the greater chance of surviving for 7 years.