Reply To: Beneficial owner/ Legal Owner

#163616
pamrichardson
Participant

But based on what you are saying, if he is the owner then he is the person liable for CTAX and not her.Therefore you have no option but to cancel her claim. And yes if his capital exceeds then that will also have an impact. Not sure if you have a 2AR in your scheme which she might benefit from???

No matter what they now do legally, it could be viewed to take advantage of the scheme. In any event, she has only paid him half the value of the property so he still owns half and for him to now 'gift' her the other half is clear deprivation as you will be clearly explaining to them the correct legal position so there will be no doubt for them. All could have been avoided if they had bothered to take the correct legal advice/steps at the correct time. The fact they havent is their problem, however, and this is the result!