I was reading Malcolm Finney’s recent article on excluded property (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 a relatively minor...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.