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Where Taxpayers and Advisers Meet

Main residence

Yiannis17
Posts: 69
Joined: Wed Aug 06, 2008 3:43 pm

Main residence

Postby Yiannis17 » Tue Apr 18, 2017 9:48 pm

I have a situation whereby a client has 'owned' a property for 10 years. 9 out of the 10 years he lived in the property as his main residence. He now wants to transfer the property into a company. The crunch is that in the 10 years the property was not in his name but that of his sister. Reasons I believe that he couldn't get a mortgage on his name. Does this count as his main residence for CGT purposes. He does not own any other properties.

bd6759
Posts: 3107
Joined: Sat Feb 01, 2014 3:26 pm

Re: Main residence

Postby bd6759 » Tue Apr 18, 2017 10:03 pm

Start with basics. If he doesn't own the property, what right does he have to transfer it?

Ian McTernan CTA
Posts: 1232
Joined: Wed Aug 06, 2008 3:02 pm
Location: Bedford
Contact:

Re: Main residence

Postby Ian McTernan CTA » Tue Apr 18, 2017 11:09 pm

Is there any evidence that shows that the house has ever been his? If not, then it's a non-starter.

And why would he want to transfer it into a limited company? Also sounds a little strange.

Perhaps you need to ask the client a few more pointed questions.
McTernan Associates Ltd
Chartered Tax Advisers
Bedford
Email through link on website:
http://www.imcternan.com


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