A couple in the process of getting divorced have 3 rental properties each jointly owned. They became permenately seperated in the tax year 12-13 but are not currently divorced. As I understand if one party transferred the properties to the other they would be treated as a disposal to a connected person and the disposal would be at the market value of the properties. Is there anything I have missed? As far as I know gift relief is not available for an investment property.
Replies (5)
Please login or register to join the discussion.
The above is only true in respect of transfers made up to the end of the tax year in which the parties separate, so is no longer true for the couple you describe.
The only thing you have missed is the special provision relating to exchanges of joint interests land, which is just what you need here.
Yes - I'm sure it does. That
Yes - I'm sure it does. That's what I said in my previous post. Why do you doubt it?