I wonder if someone might be able to provide a view before I appoint a professional advisor.
My partner (we are not married) is looking to buy a property to refurbish and sell on with money she has inherited (no mortgage).
She lives with my in a house which I own in my sole name without a mortgage and she doesn't own any other property so buying the investment property in her sole name makes sense to avoid the 3% additional SDLT charge.
If she bought it in her sole name for say £120k could she immediately implement a Declaration of Trust to gift me say 30% (£36k), which would be under the £40k threshold for the 3% additional SDLT charge?
I don't currently work (no taxable income) so could assist with the refurbishment and my thinking is that if it was then sold for say £160k (£40k profit for argument sake) my share of that profit (£12k) would fall within my personal income tax allowance. If it did not sell and was rented instead I would then benefit from a share of the rental, again within my person tax allowance, and potentially from my CGT allowance if sold at a later date. Does that make sense or have I missed something?
Very many thanks in advance.
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