Financial Separation/Tenants in Common Law

[ocraz49]

Hello, can anyone tell me if a financial seperation/tenants in common contract is subject to the 7 year time the same as the law of gift? In 2008/2009 my parents did this but on fathers death we were asked to sign a form handing it back to mother. Would the original F S still stand today?

[labman]

Re: Financial Separation/Tenants in Common Law

This is not a piece of legislation with which I'm familiar I'm afraid, but is there any reason why the contract should not still stand given it was taken out so recently?

[ocraz49]

Re: Financial Separation/Tenants in Common Law

Hi Labman

Basically we are looking at ways to not go over the inheritance tax threshold. So thought if there was a 7 year limit on changes, that it could revert to the original F S and not incurr so much tax in the estate.