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Tricky transfer
I was reading Malcolm Finney’s recent article on excluded property (see Don’t get trapped) and this reminded me of the reduced nil-rate band for transfers to non-domiciled spouses.
My clients are a UK domiciled wife (A) and a non-domiciled husband (B). B has lived in the UK and been resident here ever since his marriage to A 15 years ago.
B owned an investment property in the UK which he purchased when he came to the UK and lived in himself for a short period prior to his marriage. When he learned that capital gains tax indexation relief was due to be abolished he executed a deed stating that he now held the property on behalf of A.
The plan was that A would subsequently transfer the property back to B thus hopefully crystallising the indexation allowance.
Whether that works or not is...
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