3 family members bought land, obtained planning permission to build 4 houses. They have completed 1 house which is up for sale. They are each going to take 1 of the other 3 plots to build a house to live in. Each of the 3 plots has the same value. Are there any tax consequences of the transfer of the 3 plots into single names? Will it make any difference if there is a deed of partition?
ATS
6th Jun 2006
1
Split of jointly owned land
Split of jointly owned land