I have a second property which I used to live in, but now rent out. But have concerns over the changes in PRR/Lettings relief, it seems the longer I keep it, the higher the proportion I will have to pay CGT on when I/we finally sell. With a stagnant property market, future gains may not be there to outstrip this cost.
I'm thinking of adding by 'transfer of equity' my long term partner (not married and no mortgage on this house), assuming equal share.
I am I right in thinking at the point of gifting CGT is due by me on the portion gifted? I could then use a later years CGT allowance when we finally sell?
That way we could use the CGT allowance 3 times between us, once at transfer and once again, each, at selling.
An alternate thought, would be to gift her the whole house to 'lock in' the current CGT and start again! We are very trusting of each other.
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