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Where Taxpayers and Advisers Meet

Transfer from shared to sole ownership

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dan@freshtracks.co.u
Posts:1
Joined:Wed Aug 06, 2008 3:06 pm

Postby dan@freshtracks.co.u » Fri Oct 17, 2003 4:13 am

I currently own a number of flats as a tenant in common with three others. If we were to transfer the flats into sole ownership so that we each had our own property rather that a quater share would we be liable to pay stamp duty?
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Nigel Lord
Posts:518
Joined:Wed Aug 06, 2008 2:18 pm

Postby Nigel Lord » Fri Oct 17, 2003 7:39 am

Dan

It would be possible to make the transfer and avoid stamp duty providing there are no incumbent mortgages. This could be done by gifts or transferring an interest in one property in exchange for an interest in another property.

Have you considered the Capital Gains Tax consequences. If this is not structured correctly, you will crystalise gains unnecessarily. It may be advantageous to consider a trust structure to overcome this problem.

If you require any further assistance please do not hesitate to contact us, and we will be happy to act on your behalf.

Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk
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