How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask F E Smith Your Own Question
F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 10487
Experience:  I have been practising for 30 years.
Type Your Law Question Here...
F E Smith is online now

My name,, I and my wife own a block of 9 flats,of which we

Customer Question

Hi my name,Peter , I and my wife own a block of 9 flats,of which we have sold 3 over the last four years.The freehold is in both are names.My question is we would like to transfer the other 6 flats onto separate titles,(main reason for going down this route is,easy to sell,also to remortgage if needed) We have set up transfer deed,with our solicitor for the the freehold to my son.And inturn my son transfers the 6 unsold flats on 6 separate leases to me and my wife.All of the above have been signed by all parties,Our solicitor has asked the question is the a possible problem over a (Capital Gains)as we built the Apartments with our son in 2010.The 3 flats sold previously we're with Capital gains.The transactions between our son and ourselves no monies are involved.Thank you,Peter
Submitted: 1 year ago.
Category: Law
Expert:  F E Smith replied 1 year ago.

There would be no capital gains to pay on the transfer to your son or back to you, quite simply because there is no capital gain. Tax situation on the eventual sale however to any third party, just like the other properties, is that Capital Gains Tax would then be payable in exactly the same way as it was on the others which you sold.

Can I clarify anything for you? Please rate the service positive so that I get paid. We can still exchange emails. Best wishes. FES.