How to Stop Family Breakups When Disposing of an Asset!
25th August 2010
Money can cause a lot of acrimonious disputes between friends and family but even more so when property is involved.
Property ownership is often at the root of these disputes and it is important to know who owns what before disposing of an asset - and it is not always the person you think who owns the property and has to pay capital gains tax (CGT) on the disposal.
Three main factors have to be considered when making a property disposal:
Who profits from the disposal?
The general rule is tax follows ownership of an asset, so an owner has to account for any gain to the taxman on the disposal of property.
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