Do you - ahem - have to mention this to your TD provider??

Tinsoldier I never thought of that and my halo has just crashed. Just wondering the implications would be if my IP found out

Hi sparky

Best advice would be to get an agreement in writing that they will fund the purchase and retain ownership and ensure there is a paper trail showing the funds came from them.

If I was asked the question in those circumstances, the answer would probably be 'Aye that's fine', however belts and braces approach is always sensible.

Mark

Belts and braces approach is always best when it comes to things like this sparky1.

Speak with your Trustee, explain the position and what your parents are going to do and take it from there. I would be of the same opinion as Mark that it would be fine.

It's always risky tinsoldier to keep things from your Trustee as may cause problems and questions later on down the line. By running something by your Trustee they can advise you what the best way to proceed would be before you actually did and then it caused problems.

But hasn't Sparky1 fulfilled his obligations under the trust deed if he is simply awaiting discharge?

A simple call backed up in writing should be plenty to keep things on track.

Paul

Technically I think sparky1 hasn't received their discharge (Form 5) and therefore the possibility remains that the Trustee could view this as acquiring an asset. It's always best to run something by the Trustee for their view on this which saves complicating things. As we know from the forum different Trustees interpret things differently from others. If sparky1 has received their Form 5 then there is nothing to worry about.

As Paul said, a phone call following by something in writing keeps things on track and saves any worry about not informing the Trustee.

Hi tinsoldier.

I don't think any of us think that a reasonable trustee would have a problem with this if they were kept in the loop from the start.

They might see it differently if they felt something was being hidden from them.

Agree TDA and apologies for earlier comment.

Always better to keep the trustee informed.

No need for an apology at all tinsoldier.

This forum would be really boring if different thoughts and opinions weren't presented here.

I can totally see where you are coming from with the earlier point, I guess we just suggest that people take a safety-first approach to avoid misunderstandings and problems later.

A stitch in time and all that!

Hi all..... well this car hasn't been purchased yet. I suppose another option is (if) a car did come along then that the car is registered in their my parents name (time-being)and after my complete discharge surely an IP cant have any say to this if my parents wish to transfer ownership to me.

You are spot on, they can't. Also, did you know that being the registered keeper isn't the same as owning the car? Just saying.