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Where Taxpayers and Advisers Meet

Wifes CGT Allowance

ehuplladie
Posts:8
Joined:Wed Mar 16, 2016 12:10 pm
Wifes CGT Allowance

Postby ehuplladie » Sun Jun 27, 2021 1:48 pm

i am in the process of selling a property (once a letting) and just realised my wife's name is not on the deeds, how do i use her cgt allowance.

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Wifes CGT Allowance

Postby pawncob » Mon Jun 28, 2021 10:12 am

Transfer half the property to her first. She'll get your base cost (50%).
With a pinch of salt take what I say, but don't exceed your RDA

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Wifes CGT Allowance

Postby maths » Sat Jul 03, 2021 10:07 pm

You could simply retain legal title in your name only but execute a declaration of trust under which, for example, you each own 50% or what other %s you may choose.

someone
Posts:692
Joined:Mon Feb 13, 2017 10:09 am

Re: Wifes CGT Allowance

Postby someone » Tue Jul 06, 2021 10:45 am

How was the rental income declared? It seems strange to "discover" that your wifes name wasn't on the title deeds as can significantly impact how the rental income has to be declared.

If there is already 50/50 beneficial interest then I guess it doesn't matter as the rental income should be declared 50/50 too but then there's no need to change anything for CGT.


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