Deed of variation

A Deed of Variation lets you give assets you’ve inherited to another person, or organisation, often reducing your tax bill.

Deed of variation solicitors: Expert legal advice

What is a Deed of variation?

Suppose you’ve inherited money, property or other assets or belongings under a Will or the rules of intestacy. In that case, you can use a deed of variation to give some or all of that inheritance to another person or organisation. It’s your choice and can be someone not mentioned in the Will.

Who can make a deed of variation?

Any individual who benefits can vary any gift in a Will or under the Intestacy provisions, provided that they are over 18 and have mental capacity.

Reducing your inheritance tax bill

Deeds of variation are particularly useful if you want to manage your own estate and any potential liability for inheritance tax. However, there are a number rules attached to them, particularly on when you need to sign them and who else might need to sign. Our experienced Wills and probate team can guide you through the process smoothly. We’ll advise on what you can and can’t do, and the most efficient solution for you.

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Complex tax planning

A deed of variation can be part of a complex tax planning arrangement – we’ll help you find its right place in the bigger scheme, working in harmony with your other plans. Among the sort of issues we can look at for the deed of variation and the broader implications are:

agricultural relief and business property relief
giving to charities
declarations for inheritance and capital gains tax
informing HMRC.

Key people

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Partner

Jane Doe

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Frequently asked questions

The answers to many of your questions can be found here, please get in touch for further information.

I have been told my property has development potential. What do I do?

If you’ve been contacted by a developer or a land promoter regarding a potential development to your property, you may wish to consider granting an option agreement or a promotion agreement. An option agreement is made between the landowner and the developer, where it is intended that the developer will apply for planning permission and requires an option to buy the property. A land promotion agreement is used where a developer agrees to apply for planning permission and will market the property for sale on the open market once planning permission has been obtained. This is usually in return for a proportion of the net sale proceeds. The law on this is very complex and you will need specialist advice.

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