Gifting property to spouse

[drtimbo]

Four siblings own a rental property given to them by their parents in 1987. The property is owned outright. All are married, none have ever lived there. Property value was approx. £90,000 at time of gift, and approx £350,000 now. They are looking to sell the property. Are there problems in gifting each of their spouses half of their share, so that they may benefit from £96000 in CGT relief, rather than £48000 as it currently stands? Advice welcomed and appreciated!

[Lee Young]

In short, there is no issue with that. Should be done ideally before the property is on the market. A declaration of trust signed by the four owners will be sufficient to be able then to double up on the CGT allowances (assuming none of them have been used already in the tax year).