General (main property discussion here) - Setting up a 'Trust' under which to buy property

Hi there,

A friend has advised me to set-up a trust under which to buy property. So that inheritence tax can be avoided in the event of a death.

The members of the trust would be myself, my brother and wife.

Can anyone advice further on the formation of this and it's implications when it comes to buying or selling a property.

Also any pointers to other sites will be useful too.

THanks,

PS: I tried searching for a similar thread before posting this, but cannot find the search function for the forum. Is there one?

see http://www.hmrc.gov.uk/manuals/tsemmanual/tsem6233.htm

Nice one Bill, will check it out.

Are there any negitive implications when buying or selling a property using the Trust vehicle as the purchuser?

Thanks,

Have just looked at Bills link. Can some one now explain it in thicko terms for me please! Unfortunatly it wasn't my language! Cheers Lou

This is a highly technical area and you really need to speak to a specialist.

Try

http://www.icaewfirms.co.uk/directorysearch.asp?searchtype=taxation

to find an accountant in your area