Sell and buy house again

franklytom

Long story short. Can I realize capital gains on a property and repurchase it? The house was our home 20 years before relocating for work and one day we may return there.
For some long term planning I need to realize the capital gains now. The house is in my name. Can I sell it to my wife at the market price to realize the gain? Or is there any other way to sell the property at the fair market value, pay the amount due in capital gains, and repurchase it?

somethingcorporate

How would your wife fund the purchase? I cannot see how it would work.

xylophone

https://www.gov.uk/capital-gains-tax/gifts


Your spouse or civil partner

You do not pay Capital Gains Tax on assets you give or sell to your husband, wife or civil partner, unless:

you separated and did not live together at all in that tax year
you gave them goods for their business to sell on
The tax year is from 6 April to 5 April the following year.

If they later sell the asset
Your spouse or civil partner may have to pay tax on any gain if they later dispose of the asset.

Their gain or loss will be calculated from when you or they first owned it.

If this was before April 1982, your spouse or civil partner should work out their gain using the market value on 31 March 1982 instead.

They should keep a record of what you paid for the asset.

davidmcn

Called "bed and breakfasting", usually encountered in relation to shares. But according to the rules, needs to be at arm's length, so I don't see how you can do it between you and your spouse.

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg13360