Sale of Investment property

[cbhogal@morganlewis.]

My husband has recently bought a property which he intends to rent. He wishes to sell the property now since he is leaving to work abroad for 3 and a half years. Is there a way for him to reduce capital gains tax?

[accountant@uktaxshop]

Firstly by having the property in joint names with you would be beneficial. This would entitle you to two lots of personal allowances of £7900.

Your husband is also able to offset many of the transaction costs of the purchase and sale, which will lead to reduced gains arising.

Finally if your husband stays abroad for a full five tax years he will be exempt from UK CGT on a disposal at this time.

If you would like to review the position and likely gain arising, and any options to mitigate the gain, please let me know.

Regards

James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436