Changing from single to joint owners?

[Tim Good]

I’m considering transferring a 50% stake in my boat to my partner. There is. I thing like the feeling of ownership when you’re spending a good deal of time aboard.

Has anyone done this and has experience on the logistics and forms required & consequences of doing so in terms of capital gains tax, futures sales etc

Thanks

 

[pvb]

I don't think pleasure boats are subject to CGT. You can transfer 50% easily; if you have Part 1 registration it will need to be noted accordingly.

 

[duncan99210]

I think that you can do this pretty simply. You draw up a bill of sale between yourself as the current owner and yourself and your partner as new owners. Each of you will own 32/64ths of the boat under the sale. If on the SSR, simply register the change of ownership, essentially the same for Part 1.
Set the value of the transaction on the bill of sale as £1 and other considerations: that will mean no tax implication.
No effect on resale, just means both of you have to sign the documents to transfer ownership when you sell the boat.

 

[[178529]]

Although what happens if your partner is your ex-partner when it comes to sale time? Not wanting to put a dampener on things.

 

[Graham376]

We're on Part 3 SSR with joint ownership, just notify them of change in ownership and partner's name will be added to yours. No CGT on boats, if in UK tax system.

 

[MarkCX]

Just the idea of CGT applying to most of our boats is a little amusing. The number of boats sold for more than they cost must be tiny ?

 

[ashtead]

No CGT as no gains maybe?

 

[Irish Rover]

I’m considering transferring a 50% stake in my boat to my partner. There is. I thing like the feeling of ownership when you’re spending a good deal of time aboard.

Has anyone done this and has experience on the logistics and forms required & consequences of doing so in terms of capital gains tax, futures sales etc

Thanks

Of course, dear, you should chip in for the new anchor. The boat is half yours, after all. Very clever. Very crafty. I love it.

 

[TernVI]

Last time I looked, it was hard to claim a loss for CGT purposes on a boat if it had an engine!

 

[tudorsailor]

I’m considering transferring a 50% stake in my boat to my partner. There is. I thing like the feeling of ownership when you’re spending a good deal of time aboard.

Has anyone done this and has experience on the logistics and forms required & consequences of doing so in terms of capital gains tax, futures sales etc

Thanks

I sold a 1/3 of my yacht to someone who found me through yachtfractions. So the registration document has three owner, me, my wife and the new partner. Works well. We sail much further than if we were sole owners.
We do have a formal contract which includes what to do in the event of death of a part-owner

TS

 

[Tim Good]

I sold a 1/3 of my yacht to someone who found me through yachtfractions. So the registration document has three owner, me, my wife and the new partner. Works well. We sail much further than if we were sole owners.
We do have a formal contract which includes what to do in the event of death of a part-owner

TS

Interesting. Why do you sail much further? Just because the other member sails different legs and helps with laying up away from the Uk?