Tax on property
Dear Her Majesty’s Treasury,
1. CAPITAL GAINS TAX
Where a disposal and acquisition of a residential property is between connected people, and the consideration exchanged is higher than the market value, is the market value of the property still used to calculate the Capital Gains Tax due?
https://www.gov.uk/hmrc-internal-manuals...
https://www.gov.uk/hmrc-internal-manuals...
2. STAMP DUTY LAND TAX
If I have never owned property but my spouse currently owns a property (which is our main residence), am I treated as a first-time buyer for:
(a) stamp duty purposes (i.e. able to access the first-time buyer exemption on SDLT for an additional property in my sole name);
(b) lifetime ISA purposes (i.e. able to access my lifetime ISA savings penalty-free to buy said additional property in my sole name).
If my spouse sold the property we currently live in (so that there is no question of the higher rates of stamp duty applying on an additional property purchase as neither would currently own a property), could I then access the first-time buyer SDLT exemption even though my spouse is not a first-time buyer, if I bought the property in my sole name?
Yours faithfully,
Brian Harrison
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