Husband and wife in partnership 50:50. They separate and agree husband takes the business. Wife gifts her share to him.
If the gift takes place in year of separation, it is no gain no loss.
Can you elect for the transfer to be at market value to take advantage of ER?
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deed of gift
advise your clients to sign a deed of gift at the date of the gift.
It would look better if this was AFTER they seperated, because otherwise the transfer would be exempt anyway.