Advice please.
I have a let property that I have owned since 2001 and in my sole name (as married some years later). I have now sold the garage (March 2018) and calculating CGT.
A friend who works to the Valuation Office suggested I might be able to apply my wife's CGT allowance on the CGT gains, which would then almost wipe out the CGT to pay.
Is this allowed/possible?
The calculations:
Sale price: £24,250
Expenses £300 (have not included purchase expenses as will use later when sell the main house - in may be 20 years time)
Profit £23,950
less allowance £11,700
Taxable amount £12,250 @ 28% = £3,430
(possibility that could be 18% depending on taxable income - if in basic tax band)
Have I missed anything?
Many thanks
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