Hello,
I have read a few posts from people in similar positions but does answer my questions fully
Situation. I have a second property which has been rented since I purchased it. Its owed 100% by myself with no mortgage and I wish to sell it now. was brought 5 years ago for £125k and will sell for around the £200k mark which leaves about £70k in profit. I am a higher rate taxpayer and worked out after costs I will own about £16k in CGT
If I were to transfer 50% to my wife I am of the opinion I pay no stamp duty or capital gains
If I transfer 50% to my wife (basic rate taxpayer) and sell the home after a few weeks will I be able to use her CG allowance of £12k fully? I also understand her 50% profit will be taxed at 18%
What I am trying to understand if I transfer a few weeks before putting on the market do I get her benefits (low rate taxpayer and CG allowance fully or is this calculated from the point at which she became 50% owner in which is case its pointless as we want to sell asap)
Regards
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