Using capital gains allowance

[maths]

Have just taken a look at s19 TCGA 1992. It seems clear to me that on the section's wording a sale of land by partial disposals would be caught by the section.

[jerome.lane]

Have just taken a look at s19 TCGA 1992. It seems clear to me that on the section's wording a sale of land by partial disposals would be caught by the section.

Only if a discount was being applied to each part disposal for a minority interest? s19 should have no affect if say a straight line percent of total market value was being transferred year on year?
Again though, where land of any value is concerned, this type of arrangement is simply not very practical.

[rks2018]

OK seems like may as well wait till property is sold sometime in future pay the relevant cgt and divide the proceeds as agreed by ourselves.

[maths]

The application of s19 involves repeated revaluations and recomputations of chargeable gains at the date of each disposal until the final disposal was made.

This is because the gain arising on a first disposal of say 10% will need to be recomputesd when the next say 10% interest is disposed of because the market value of the first 10% disposal will probably not be the same as 50% of the aggregate value of a 20% interest etc etc. If not then there would be no need for s19.

The classic example often used of 6 chairs is that 2 chairs value is lower than 50% of the value of 4 chairs etc.

[rks2018]

Thanks for all your info, OK so if I wish to use Tf1 form for transferring share from my sister to myself ie 99/1, when do I need to pay the cgt, is it when I do my SA pay net in Jan 2021? Or within 1 month of transfer?
Also is it now simpler to calculate the cgt after new rules? Will I need to get valuation done and by whom and how many?
I cannot get actual monies amount paid to solicitors when we bought th ehouse back in 2000, hav e even asked them and mortgage company they no longer hold that info. So can I use approx figure?
Also had garage converted to Ensuite back in 2005 but no paperwork, or bank payment detail so I guess I cannot use cost of 5k in reducing cgt? If its simpler not to allow for these costs due to no paperwork I'd rather just pay the tax that's due, last question please, if I do the transfer this year say in November, do use my previous tax year earnings to see if I'm a higher rate tax payer or this year's? Thank you all.