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I write in response to the answers made to the query 'Transfer and trust' (Taxation, 1 December 2005, page 247) in which reference is made to the prior transfer of property into joint names before a sale.
We are currently contesting two cases where ownership has been transferred to a spouse prior to sale. In both cases the legal title has been transferred into joint names.
I write in response to the answers made to the query 'Transfer and trust' (Taxation 1 December 2005 page 247) in which reference is made to the prior transfer of property into joint names before a sale.
We are currently contesting two cases where ownership has been transferred to a spouse prior to sale. In both cases the legal title has been transferred into joint names.
We are experiencing strong opposition from HMRC who contend that the gain should be returned in full by the transferee spouse on the basis that the primary motive for the transfer was to gain a tax advantage and as such should be ignored.
Taking one case in particular the property in question is a rental property originally purchased in the name of the wife and all income has been shown on her tax return.
The...
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