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Transfer of Title
Heidi_Jane
Posts: 28 Forumite
I need advice/ information please. I am married and am a British citizen. My husband is South African but lives and works in England. We have a flat that we purchased in joint names but now we want to buy a house. We don't want to sell the flat yet and would like to let it out. However in a few years time we would have to pay CGT on selling the flat. If we registered the flat only in my name by transfer of title and then bought the house only in his name - would we avoid paying all the tax in the future? I am a housewife - if that makes any difference?
Thanks.
Thanks.
0
Comments
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AFAIK, if you sold the flat wihtin 3 years, then there would be no CGT due.
If you sell the flat after that time then CGT will be due. However, you both have a personal CGT allowance of 9.2k. If the flat is in both your names, then you will have a combined allowance of 18.4k to set against the increase in the flat cost/price.
CGT can be a complex issue. Suggest you post over on the cutting tax board, since they don't play over here (to rough for them).In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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