advice please on CGT and transfer of property

jeps

9 years ago my parents transfered their home to my brother and I. The property was worth approx £90,000 at that time. My father passed away shortly after and my mother recently in May 2010. We are now looking to sell the property. It is probably worth around £145,000. My question relates to CGT. I have been told that I can reduce my CGT liabilty by transfering 50% of my share to my husband. Is this true? If so do I have to use a solictor for the transfer or is it something I can do myself?

I would be grateful for any advice.

John_Pierpoint

Have a read of this thread:
https://forums.moneysavingexpert.com/discussion/2532957
It links through to a tax advice site that says this "dodge" is under attack, and you would be best advised to wait at least a year after transfer and before selling.

My sister and I did something similar with a house; we went to one Land Registry office and got "advised" to go and see a solicitor; so we tried another and got given the forms and told to fill them in and pay the fee.

As your parents should have registered the transfer to you both you need to check that you are tenants in common (as against joint tenants) before you give away a quarter of the property.
If you are joint tenants you first need to break the "joint" bit.
Searching the net should give you advice on how to do this.

jeps

John_Pierpoint thanks for the link.