54-168 Transfer of land to a nominee beneficial owner
HMRC have issued a statement of practice which is optional and may only be applied by persons transferring an interest in land to a person who is a nominee beneficial owner. For the purpose of establishing the transfer of a property letting business as a going concern, HMRC consider that the named beneficial owner of the land, rather than the nominee, acquires legal title to be the transferee. For further details, see Notice 700/9/2012, para. 8.1, which is reproduced below.
‘PROPERTY LETTING BUSINESS – STATEMENT OF PRACTICE
8.1 What is this section about?
This section reproduces the contents of Business Brief 10/96 dated 5 June 1996.