This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

CGT

jayhay
Posts: 17
Joined: Tue Jun 23, 2009 8:46 pm

CGT

Postby jayhay » Tue Nov 13, 2018 11:38 am

My wife moved in with me when we married and since that time has rented out her own flat, which has now accumulated a significant capital gain. She is about to put it on sale and will claim her annual CGT allowance.
It has been recommended that prior to the sale she should transfer a half share in her flat to me, her spouse, so that we can claim a double CGT allowance.
Is this a valid recommendation, or would the transfer incur charges or taxes that would negate the advantage of a double CGT allowance

wamstax
Posts: 1869
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: CGT

Postby wamstax » Tue Nov 13, 2018 11:43 am

Yes but it was probably never your main residence at any time and therefore Main Residence Relief and letting relief losses would more than outweigh the CGT annual exemption
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact can be obtained from website

AdamS93
Posts: 233
Joined: Tue Sep 26, 2017 6:28 pm

Re: CGT

Postby AdamS93 » Tue Nov 13, 2018 1:59 pm

Probably a very bad idea, especially transferring half of the property!

Without numbers, impossible to say for sure.


Return to “Capital Gains Tax, CGT”