If there is a property which has 2 brothers and their wives (ie 4 names in total) on the title deed. As I understand it this is the maximum number allowed on a title deed. However, if the property has been funded partly by the brothers parents
eg brothers put in 20k each (40k)
parents giffted them say 90k (180k)
parents money to finance the remainder say 45k
property price 265k
presumably re cgt base cost the best option is to split
brother & wife 110/265
brother & wife 110/265
parents 45/265
Ownership done this way apparently as parents may want to use it on occassion and they'd heard about GWROB and POA etc
Any thoughts??
Anon
Replies (2)
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hopefully this clears it up
sorry i should have made it clear
parents funded 45k and children 220k (of which 180k had been gifted by parents)
therefore 6 owners but only 4 names on deed!
Mixed up
If the parents gifted the money they do not have a beneficial interest in the property only the four named owners. I suggest that if they wish to explore 6 owners then a visit to a well versed solicitor is required to establish a Declaration of Trust thus beneficial ownership. However with that in place then there % of ownership will be reflected in their estate should there be a IHT issue. In addition if this property is rented out the parents will become liable to IT on there share of the rental income/loss. Regards Peter