Client holds btl with son on a 10/90 basis.. Son 10,dad 90.(it has never been their PPR). House purchased for say 100k,now worth 150k. There's therefore a 45k gain on dad's share ignoring all cost. Sensible tax planning is to transfer say 25 percent to son... Causing a chargeable gain of £11,250 (slightly above AEA). How is this done in practice in terms of ascertaining the value for CGT purposes and landregistry? How about reporting to HMRC? Can it be done via a declaration of trust to note new split so 35 son and 65 dad?
23rd Jan 2017
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Partial transfer of BTL
Partial transfer of BTL