Probate and Estates Administration
Deeds of Variation
Usually if somebody makes a gift while they are still alive, if the giver dies within seven years of the gift being made, that gift is added back to the giver’s estate for inheritance tax purposes.
Where someone makes a gift from an inheritance, where that gift is made following signature of a "deed of variation" made within two years of the death, the gift receives privileged tax treatment. Essentially the seven-year rule doesn't apply.
Deeds of variation can also be advantageous for Capital Gain Tax purposes and can enable beneficiaries to re-order the distribution of an estate if the will or intestacy is unsuitable to their circumstances without tax complications.
If you are due to receive an Inheritance and you are considering making any such gift you should contact us as straightaway and before making it, so that we can advise you whether to proceed by a deed of variation and explore the opportunities available with you.
We can advise you in connection with Deeds of Variation whether or not we are dealing with the actual distribution of the estate.
For further information about Deeds of Variation please contact our Probate and Estates Administration team.
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Testimonials
Furley Page is recommended by The Legal 500 for expertise in advising on Personal Tax, Trusts and Probate.
The Legal 500 2011 : Private Client - Personal Tax, Trusts and Probate
I just wanted to say thank you for all the help and work you put in to sort out my late husband's estate, also for the tactful way you handled the legacies.
Mrs S Client of Nicola Rostron
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