Have now purchased property on large plot of land. Three owners, all living in property. Two owners now wish to remain in property and refurbish. One owner wishes to build on land at the side, which is effectively the garden. Been told there is relief for exchanges of joint interests. Have copy of page 12059 Extra statutory concessions but don't really understand it. Can we transfer the side plot without incurring CGT. There will be no money involved. We have only just moved into the property - one month - and two of intend remaining there. Does the rule re length of time in PPR apply in this case.
Your help is appreciated.
Thank you.
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