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Will a delay in a declaration of trust mean a loss of main residence relief?
Two trusts were set up in a client’s will (he died in 2007): one was a protective life interest trust in favour of his surviving spouse; the other was a nil-rate band discretionary trust with his spouse as one of the class of beneficiaries.
The family home was owned as tenants in common with his surviving spouse each with 50%. A declaration of trust was made some 18 months after death confirming that the house was owned 50% by the surviving spouse with the other 50% being owned by the two trusts in appropriate proportions so that the full inheritance tax nil-rate band at the time was used.
The property is about to be sold. The solicitors dealing with the sale have indicated that the gain attributable to the period from the date of death to the date of declaration of trust when it was determined...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
