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A trust of property was intended but not evidenced in writing at purchase
B bought a property and put it in A’s name. With the benefit of hindsight B should have written a declaration of trust (see HMRC’s Trusts Settlements and Estates Manual at TSEM9520) saying that A is holding the property for B absolutely but did not.
The Capital Gains Manual at CG70230 explains that without documentary evidence to the contrary the legal owner is always presumed to be the beneficial owner.
This is particularly the case because anything relating to land in England and Wales must be in writing (CG14262). My question is whether it is helpful to write such a declaration of trust now some time after the oral “trust” was set up and will it be effective from the earlier date?
At TSEM9520 HMRC say “The trust will become enforceable from the date the declaration is executed but such...
