Hello
I have a rental property that I own in my name. I wish to add my wife to split the rental income between us. Will this count as a transfer for the purpose of CGT? There is a mortgage currently and I know I would need to approach the provider, however, there is not that long to go, so if waiting till that is paid off would alter the situation, I can do so.
As a further question, I originally lived in this house as my main residence for 2 years, prior to it being rented out. If I one day want to sell the house, it may make sense to remove my wife from the deeds and once again have it solely in my name, so I can once again claim the private residence relief and letting relief. My wife has never lived in the property.
In essence, I am hoping to avoid overpaying income tax whilst I rent it and capital gains when I sell it by adding and then later removing her. Obviously this is only going to work if adding / removing her is not considered a transfer. I believe a spouse being added is not considered so, but my purpose for posting is to double check this and my understanding of the rules in general.
Many thanks in advance for replies.
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