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KEY POINTS * Changes in the status of the asset. * The different treatment of shares and other assets. * Shortcomings in the taper relief legislation. * Illustrative examples.
EVEN NINE YEARS after its introduction taper relief continues to give rise to uncertainty in relatively straightforward situations. This article looks at one particular aspect of the rules — transfers between spouses and civil partners.
The intended treatment
When the rules were first introduced it was clear that such transfers were not intended to cause any difficulties in practice. This can be seen from for example the explanatory notes to the Finance Bill which later became the FA 1998. Those notes which translated the provisions of the Bill to a more comprehensible version of English suggested that if a husband transferred an asset to his wife the wife would inherit the husband's acquisition date....
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