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Deed of variation
Q:
If husband and wife hold a property in joint tenancy, can the survivor enter into a deed of arrangement giving part of the property to their children? Or does this only apply to a tenancy in common passing by will rather than survivorship?
DM Weston, London
A:
Leonie Kerswill replies:
You seem to appreciate that within two years of death it is possible, with the agreement of the various interested parties, to vary the terms of a will (or the intestacy provisions) or disclaim a benefit, and for this to take effect as if the deceased had made the variation.
The ability to do this might not appear to apply to property held as joint tenants because ownership passes, in this case, by survivorship rather than under the terms of any will.
However, as the variation provisions cover any dispositions made within two years of a person’s death – whether they arise under the will, intestacy law or otherwise – you will be pleased to learn that it may be possible for the survivor to enter into a deed of variation in respect of the property subject to the joint tenancy and to give part of it to their children.
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Suspended animation
22 August 2008 [0 comments]Q:
I currently hold shares in an AIM-listed company and was about to sell these to realise losses (to offset against gains elsewhere), but the shares have since been suspended and I think the company is now in administration.
The current value based on the suspended price is around £1,400, and the realised losses based on that value would be around £12,000.
The losses are more valuable to me at the moment than the actual value of the shares themselves, and I need those available by the end of this tax year. I assume it’s not possible to roll gains forward?
Is there any way that I can now realise these losses given that I cannot sell the shares? I am wondering if gifting them might be a way of releasing the losses? I’m thinking perhaps either to my brother (but am not sure what tax implications this might have for him) or to charity (and whether I could then claim tax relief on the value gifted)?
Is any of this possible, or are there any better alternative routes? Any advice would be very much appreciated.
Mrs K Hall
Kent
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