Joint ownership swap on properties

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    Joint ownership swap on properties

    We have several rented out properties which we have inherited and have been left in Joint 50/50 ownership with another family member, We want to continue renting out but the other family member wants to sell his share.

    We have been told by our accountant we can swap properties of even value and pay no capital gains or stamp duty, On one of the properties he has called it his private residence, Now the accountant says its impossible to swap this one now.
    Does anyone know any difference?

    #2
    Is this is a discussion DURING the process of probate - i.e a variation of the will.

    Otherwise you can't escape CGT via barter!!!!! Stamp duty neither - Barter is not a gift. Fire the accountant who said that and report them to HMRC to have their clients investigated.

    Comment


      #3


      If one of the 50:50 properties happens to be the "private residence" of other family member , you should allow in the swap that he receives the other 50% of the private residence ( to make up 100% ownership.)

      Private residence is relevant after property sale for claiming exemption to paying capital gains tax

      Comment

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