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Does this realize capital gain?
franklytom
Posts: 10 Forumite
I had to move for work many years ago but we kept our house and rented it out. We would like to keep it as it could be home again if we returned. For long term planning I would like to realize the accumulated capital gain. It is in my name.
CGT is chargable when disposing of an asset, and displosal includes selling it, giving it as a gift, or transferring it to someone.
Can you transfer the house to your spouse to realize the capital gain? Although no tax is payable on the transaction between spouses, will the previous capital gain still be realized so that if we do not return to live in the house but sell it in future, CGTs will be due only on the gains after the date of transfer?
CGT is chargable when disposing of an asset, and displosal includes selling it, giving it as a gift, or transferring it to someone.
Can you transfer the house to your spouse to realize the capital gain? Although no tax is payable on the transaction between spouses, will the previous capital gain still be realized so that if we do not return to live in the house but sell it in future, CGTs will be due only on the gains after the date of transfer?
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Comments
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answered by xylophone in post 3 of your duplicate thread
https://forums.moneysavingexpert.com/showpost.php?p=75048392&postcount=30
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