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Can I transfer a property over 2 years?

Question

I would like to transfer my second property to my 2 children.  The property is currently valued at £170,000.  Can this property be transferred in 2 tax years, e.g. 50% in March 2013 and 50% in May 2013, in order to get 2 CGT allowances? If so, would there be a stamp duty land tax implication?

 

Arthur Weller replies:

Yes, you can transfer the property in two tax years in order to get two CGT annual exemptions.

 

However most probably HMRC would argue that this is a linked transaction and charge stamp duty land tax (SDLT) on the £170,000; see www.hmrc.gov.uk/manuals/sdltmanual/SDLTM30100.htm. However if this is a gift for no consideration, there is no SDLT.

Property Tax Insider This sample question and answer is taken from Property Tax Insider, a monthly UK tax saving magazine for landlords and property investors.

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