Good Afternoon,
My husband owns 50 per cent of a small motel with his sister, which they lease out...they dont actually run it.
As he pays tax on the income, and I only receive a tiddly bit of income from savings interest , and a tiny bit of self employment, and i do not use my personal allowance, he is thinking of changing the ownership of his half of the property (about 200k ), or part of it, in order to use up my personal allowance.
I would then become an ‘owner’ in title , and dont know if i want to have the responsibility of this..not that theres much running, but it seems a big thing.
Q1. Is there anyway i am permitted to receive some of the income , without going the ‘whole hog’ as it were? Aome kind of fancy trust instrument?
Q2. Also if i did go ‘whole hog’, and if my husband died and i sold it, am guessing i would get hit with full cgt if i sold it, apportioned in a way as if i had owned it from the same time that he bought it...which was years ago, so it would be a huge chargeable gain...? Is this correct?
Can anyone shed light please?
Many Thanks
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