A non-retrospective variation may be made purely voluntarily with no valuable consideration received. For example if

a deed of variation or disclaimer is voluntarily executed outside the period of 2 years from the date of death

or

if a deed of variation is voluntarily executed within the 2 year period but no valid election under TCGA92/S62(7) is made

or

the beneficiary gifts his or her interest in the estate to some other person

then there will be no valuable consideration.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.