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Deed of Trust vs Deed of Assignment
thegentleway
Posts: 1,101 Forumite
Hi, I'm looking to assign a beneficial interest in my B2L to my partner (soon to be wife) so we can use her CGT allowance when I transfer the B2L into a ltd company.
I was originally looking at a deed of trust, which requires B2L to be unencumbered, otherwise there is a consideration (transfer of debt) which triggers SDLT and CGT. However, I've stumbled across deeds of assignment, which don't assign debt. Does that mean I can assign beneficial interest on B2L with mortgage and consequently there is no consideration as I remain solely liable for the debt?
I was originally looking at a deed of trust, which requires B2L to be unencumbered, otherwise there is a consideration (transfer of debt) which triggers SDLT and CGT. However, I've stumbled across deeds of assignment, which don't assign debt. Does that mean I can assign beneficial interest on B2L with mortgage and consequently there is no consideration as I remain solely liable for the debt?
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