Sally Jahangir – WIlls, Trusts & Probate
I am interested in tax and high value probates. I assisted clients to avoid capital gains tax for their second property, which was purchased in their names for their daughter to reside in.
The daughter had been through divorce proceedings, and if she owned the property and got remarried, and later divorced, then it would be part of the financial settlement. My clients wanted to avoid this and hence the property was in their names.
The Revenue accepted a trust existed. The property was purchased for the daughter’s benefit, and because she resided there meant that the main residence exemption for Capital Gains Tax was available.