HeinekenTick
Registered User
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I understand that property acquired at market value between 7 December 2011 and 31 December 2014 and held for at least seven years would be exempt from CGT upon disposal.
My question is: does the above apply when property (e.g. agricultural land) is 'acquired' by a person from his/her spouse as part of a separation agreement that is effective before 31 December 2014?
For example, husband and wife separate. As part of separation settlement, husband transfers 50 acres of land to wife on 1 December 2014 (at market value of land such that number of acres transferred agrees to amount of the settlement). If the wife holds that land for at least seven years, would she be exempt from CGT if she then sold it to a third party?
Thanks.
My question is: does the above apply when property (e.g. agricultural land) is 'acquired' by a person from his/her spouse as part of a separation agreement that is effective before 31 December 2014?
For example, husband and wife separate. As part of separation settlement, husband transfers 50 acres of land to wife on 1 December 2014 (at market value of land such that number of acres transferred agrees to amount of the settlement). If the wife holds that land for at least seven years, would she be exempt from CGT if she then sold it to a third party?
Thanks.