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Income, Corporation, Capital Gains, Inheritance Taxes, VAT and so on.
My father died in Jan. Estate equally between children. Sole exec is solicitors who drew up will.
Solicitor has proposed "Assent of beneficial interest", to sell property on our behalf, with aim to reduce CGT by
making gain (8% of property value) ours rather than estates. Their letter states that (assent) will be regarded as
instruction to sell property on our behalf and retain sale proceeds for any purpose required for admin of estate.
I mentioned last phrase because I thought that any scheme whose only (or main) purpose was reduction of tax,
can (and probably will) be set aside by tax authorities. Is this correct in law?
The letter also says that the value has not yet been agreed by the authorities - presumably the figure for probate (granted)
was provisional - surely this means that they are likely to substitute sale proceeds for probate value - making scheme worthless?
I appreciate you cannot advise on what to do, but can any sols with probate experience say whether this scheme is likely to be pointless?
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There is explicit provision in estates to allow variation of a will by beneficiaries by deed within two years of the date of death. It is acknowledged to be a process which will include tax mitigation.
You are entitled to a proper explanation which satisfies you given the context which we cannot know about. Get a proper explanation, and ask your question direct. It is a proper question.
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