IHTM14162 - Transfer of part of a property: transfer of a sum of money

The subject matter of the transfer is a sum of money which is in effect a floating charge on the property. Typically the deed provides that the property is held on a trust for sale and the proceeds are to be held as to £3,000 for the donee and the balance for the deceased.

• In this situation all the subsequent capital appreciation accrues for the deceased's benefit. The death estate must include the open market value of the property less £3,000.
• On the initial transfer and any subsequent transfers the value transferred is equal to the sum of money transferred.

Refer any Scottish deed attempting to transfer part of a property in this way to Technical Group.