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Our clients are a husband and wife who used their spare cash funds to purchase a second property with vacant possession which they then let out.
The husband has become a 50% taxpayer so it was decided to transfer the property into the wife’s sole name. Shortly afterwards they decided to withdraw their capital from their letting business by raising a mortgage.
As the wife originally owned 50% of the property we presume that there is no reason why she cannot withdraw 50% of the original capital cost.
However when she acquired the husband’s half of the property business was she acquiring as a connected party at market value or as it is a husband and wife transaction was she acquiring at his original cost?
If the latter is there any reason why...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
