Own a flat which I rent out wife and I rent a house. Tax buy to let query!

[davRoss2]

So I bought a flat 8 years ago for 155,000 it's now worth 260,000 I lived in it for 5 years and then moved out when I got married and started renting it out. I remortgaged 3 years ago on a 5 year fixed rate buy to let mortgage. We continue to rent a house (flat down south renting a house up north). I would like to sell my flat but am concerned as it's a buy to let I will have to pay tax on it! Can anyone advise.
If I buy a second property up north (approx 120,000 and live I it. Should it be in my wife's name to save on extra tax? Or will I have to pay stamp duty?

Any advice greatly appreciated!

[bd6759]

Part of the disposal of your old flat will be liable to CGT. Its basically a fraction of (months it was your home plus 18)/(total months you have owned it). If the gain is less than 50K you wont have any tax to pay.

If you buy a new house you will be liable to 3% SDLT unless you sell the old one first.