I wish to transfer a share (approx 10%) of a property to my daughter. The property is rented out with a small mortgage. I am considering transferring more than the amount allowed by the CGT tax free limit so understand that 18% tax is payable on the extra amount (up to higher rate tax limit). I have rental income from another property and I believe that this forms part of my total income when assessing how much CGT is taxed at 18% before going into the 28% range.
My question is: when calculating my total income for CGT on transfer of equity can I set rental expenses such as mortgage/ repairs improvement costs against rental income to calculate how much of the transfer would be liable to 18% tax?
Hope this makes sense - and thank you in advance for any replies.
O.W.
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