Hello
The house in which my wife and I live is registered in my wife's name on Land Registry. She also owns another house which she bought about twenty five years ago for her mother to occupy. Because my wife became her mother's carer she saved the state a considerable amount of money by avoiding care home fees until eventually her mother did go into a home. The second house was then rented out in order to service the care home fees. Since her mother died the property has continued to be rented out. The house was bought for some £50,000 and is now worth approximately £250,000. My wife does not wish to continue renting the house out, once the existing tenants return to Poland in maybe twelve months, and therefore will place the house on the market. CGT is then payable on the difference between purchase and sales price.
My question is: if my wife signed the second house over to me thus making me the legal, registered owner, would CGT still be payable on eventual sale of the house?
We both feel that CGT is unfairly penalising my wife especially when she has ensured that her tenants have been treated exceptionally well. Sadly the first and second couple betrayed my wife's trust and left the house in a mess thus requiring hefty remedial work. The present tenants are absolutely superb in every respect and therefore the rent has never been increased since they took over the tenancy six years ago.
Look forward to advice either yea or nay!!
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