Thank you Keith. The two who are making the transfer (i.e. giving up their quarter) are both ex-pats (long term) living in the US. The two receiving the two quarters are both UK residents. Does this change the situation?
Thanks, ***** ***** certainly rate you when done - very helpful so far.
Further question though as I don't understand your second answer. What is the net disposal price (i.e. when/what valuation) - the transfer hasn't yet happened. COuld you clarify this answer please,
I'm confused though because we're not selling it. My sister and I (in the UK) will be retaining the property. Just receiving the two quarters share of it so that we then own 50% each. Sorry, hopefully this will be my last question.
So if its worth £450,000 say on the date of transfer of say June 1st 2015, and it was worth £440,000 on April 6th 2015, they would be liable for CGT on £10,000? Which would be NIL?
Is the tax situation so beneficial because the gain is only calculated within one tax year?