Tax Insider is a new venture from TaxationWeb, the UK's leading independent tax portal.
Property Tax Insider
Property Tax Insider
Property Tax Insider - COMING SOON!
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I wholeheartedly recommend the ‘Tax Insider’ to anyone who is interested in legitimately minimising their tax bill.
Dr Bennie Mallett, General Practitioner
Property Tax Insider is aimed specifically at anybody who is involved in property.
Its sole purpose is to help you to legitimately, totally avoid or minimise your property income tax, capital gains tax, inheritance tax etc.
This monthly magazine will particularly benefit the following:
Its sole purpose is to help you to legitimately, totally avoid or minimise your property income tax, capital gains tax, inheritance tax etc.
This monthly magazine will particularly benefit the following:
- Landlords with properties in the UK
- Property investors who hold property overseas
- UK and international property developers
- Accountants or tax advisors who have property clients
- Financial advisors
- How To Realise A Captial Loss Without Disposing Of An Asset!(March 2010)
- Using Trusts to Minimise Inheritance Tax for Family Members(February 2010)
- Furnished Holiday Accommodation - Last Chance for a Rollover(January 2010)
- Why Not Become an EIS Company?(December 2009)
- Stamp Duty Land Tax – Watch Out For “Linked Transactions”!(November 2009)
- Deductions for Repairs(October 2009)
- Pension Contributions - a Small Concession For Big Earners(September 2009)
- Tenants With Landlords Abroad(August 2009)
- Making the Most of Furnished Holiday Lettings(July 2009)
- How to Pay Off Your Residential Mortgage and Claim Interest Relief(June 2009)
- Can I Claim Mortgage Relief for the Period of Trying to Sell My Property?(January 2010)
- Can my brother sell me our joint property below market value?(December 2009)
- Does the day of arrival count towards the 70 day rule?(December 2009)
- Is it Possible to Transfer Our Property Into My Sole Name on The Basis That I Pay Him £10,000 Settlement?(November 2009)
- Can my son live rent-free in the property?(November 2009)
Can my brother sell me our joint property below market value?
Can my brother sell me our joint property below market value?
My brother and I bought a property jointly but the deeds are registered solely in his name. Neither of us have used the property as a main residence. The property was rented over the period and all rents were declared. The purchase price for this property was £50,000 and the current market value is £150,000. Can my brother now sell this property to me below the market value (e.g.£100,000) to reduce the CGT on the sale?
Arthur Weller Replies:
It is not clear to me whether you have always had beneficial ownership over half the property, since the date of acquisition, or not
i.e. did the contribution of half the purchase price make you an owner of half the beneficial ownership of the house,even though your brother was the legal owner, or was the contribution of half the purchase price by you simply a loan by you to your brother? An important factor in deciding this question is in whose name was the rental income declared to the Revenue. If it was declared only in your brother's name, this shows that your brother had beneficial ownership over the whole property (see Revenue Capital Gains Manual page CG70230.) If you have always had beneficial ownership over half the property, then the proposed sale from your brother to
you can only be for his half of the property, because you already own your half. Any sale between connected persons (and brothers are called connected persons) is treated for capital gains tax purposes, as a sale at present market value, regardless of the actual payment the buyer makes to the seller. So in your case, even if you pay your brother £100,000, and no more, the Revenue will treat your brother as though he received £150,000 (the current market value) from you, for capital gains tax purposes, and tax him
accordingly.
- Reclaiming Your Class Four NIC(March 2010)
- Tax Return Help Sheet for Negligible Value Claims(March 2010)
- How to Qualify for Furnished Holiday Accommodation Relief(January 2010)
- HMRC(December 2009)
- Review Your Position In 2014(December 2009)
- You Can Create a Tax Loss By Knocking a Building Down(November 2009)
- Renovations and alterations(October 2008)
- Do you have two properties that could be your main residence?(May 2008)
- Are you a contractor in the Construction Industry Scheme(April 2008)
- Renovations and alterations(November 2007)
Reasons to buy
- Very easy to read - written in plain english
- Written by UK leading and practising tax experts
- Guaranteed to minimise or avoid your tax liabilities
- Keeps you up-to-date with changes in tax legislation
- One month free trial (so you have nothing to lose)
