Hi - there are many questions on this but I can't find any on the following senario and just want to check if I'm missing anything.
A married couple jointly own a property from purchase and it is their PPR upto June 2016 when they move out and let it. They now want to transfer by gift to wife's sole name as he is a higher rate taxpayer while she is at lower rates so this saves tax on the rental income. (There is no mortgage so no complication there). I understand S222(7) only transfers his PPR history if they live there at the time of transfer so doesn't apply now.
So my question is if they do this will she be able to claim PPR relief on any future disposal for the period of the gain up to the date let on the full gain (as it was in fact her PPR although she only owned 50%) or only on her half of it?
Thank-you for any responses
Replies (1)
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Yes. The particular aspect of the legislation that you are referring to isn't relevant in these circumstances. The words in the same subsection that precedes the ones relevant to your point are the words that matter.