Capital Gain Query

Capital Gains Query

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I have a client who owns a property - registered at land registry. His business partner owns a property - registered at the land registry. They each have beneficial ownership (legal docs in place) to 50% of each others property. They have been running this property business jointly for many years.

They have fallen out and now want to walk away with a property each. How can capital gains tax be avoided by the legal transfer of 50% back to the 'land registry owner'? Is SDLT in play?

Is the answer in statement of practice D12?

Thanks in anticipation

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By johngroganjga
11th Oct 2016 14:40

I think what you need are the provisions relating to mutual exchanges of interests in land, which I think are at TCGA 1992, ss 248A-248E.

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