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Husband and wife partnerships

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Dan

Posted on:
14/01/15 12:24
Subject: Husband and wife partnerships

Hi everyone, I wonder if any of you wise people could help me with a simple question. My wife and I own a property investment company 50/50, and we wish to transfer one of the properties into our personal names. If we set up a business partnership (also 50/50), and it buys the property from the company at market value, will the transfer be exempt from SDLT under para 10 of FA 2003 Sch 15 part 3? I have looked at HMRCs guidance and am none the wiser..
Patrick

Posted on:
14/01/15 13:53
Subject: RE: Husband and wife partnerships

Basically, yes it will be exempt but you must ensure that it is a proper partnership and not just an ownership structure ie the partnership exploits the property in a business sense and for example is not just your home.

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