On Wed, 06 Aug 2003 11:23:34 +0100, Tony Bryer
wrote:

In article , Imm wrote:
Why not? You can sell anything you like for what price you like.

But the question was whether stamp duty would be charged on the price
actually paid or the market value. I suspect (IANAL) that as this is a
transaction between 'connected parties' the latter might be the case.


It certainly is for inheritance tax purposes. There are a whole
bunch of rules with time limits and property transfer comes especially
under scrutiny. It is possible to do asset transfers through the
medium of a company or business and enjoy 50 or 100% tax relief, but
only if the property was an asset of the business e.g. a premises from
which the transferor carried on another business. It doesn't apply
if the sole or main purpose of the business is property ownership and
management.

The whole area of IHT and stamp duty is a minefield. Apart from IHT
especially being completely iniquitous to begin with -the transferor
already paid income tax - the operation of the system is a mess.
Typically a bereaved person has to deal with with the incompetence of
the Inland Revenue at a time when they can least do with it.

I really don't see the basis for any form of taxation on asset
transfer between family members whether in life or at time of death.

It strikes me as an even bigger rip-off than National Insurance.




..andy

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