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Problem of ownership
KEY POINTS
- The importance of evidence when determining property ownership.
- The executor argued that his mother owned half of a property in his father’s name.
- The onus on the person seeking to show that the beneficial ownership is different from the legal ownership.
- An intention to transfer even if evidenced is inadequate.
- Business property ownership should be subject to forensic analysis before tax planning takes place.
A recent tribunal case has helped to highlight the importance of keeping evidence of how property is owned – something of key importance for many family businesses. The judge in Lidher v CRC [2017] UK FTT 153 considered whether a property was in the sole beneficial ownership of the deceased. There were also debates around money held in bank accounts but the focus here is on property ownership.
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