Declaration of trust and CGT on sale of rental house

[GrumpyDoug]

Hello. I bought a BTL property in 2010 and mistakenly my mortgage broker just had me (A) on the mortgage, omitting my wife (B). Hence it was only me showing as the sole owner at Land Registry. We proceeded with the sale and the solicitor drew up a Declaration of Trust to allow us to each benefit from 50% each of the income. We are now selling - my question is whether this also allows us to use our respective CGT allowances.

The wording that I believe does just this is:

3. The parties hereto have agreed that the Property shall be held by them upon trust for themselves in the shares hereinafter mentioned

NOW THIS DEED WITNESSETH as follows:-

1. As from the date hereof A shall hold the said property upon trust to sell the same and to hold the net proceeds of sale and the net income until sale upon trust as to

(a) A 50%
(b) B 50%

Thank you

[SteLacca]

What type of trust? It makes a difference.

[bd6759]

The type of trust is clear.

It gives each of you beneficial ownership of 50%, so you each declare half the gain.