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2nd home (rented) and CGT: can both couples' CGT allowance be used if only one is named on deeds?
acp60
Posts: 1 Newbie
My husband owns the house we are selling to tenants,likely after the April deadline, so new rules on CGT will affect how much tax he pays. Can we use my CGT allowance as well as his to reduce the capital gains tax that will now be due since lettings relief is no longer applied? The house was his and our home for over 17 years before it was let and has been let for 10 years this year therefore lettings relief would have meant almost nothing would have needed to be paid with the old rules but after April over £10k if my allowance is not allowed. Thank you!
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Is there a mortgage against the property?
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Who declares the rental income to HMRC?acp60 said:My husband owns the house we are selling to tenants,likely after the April deadline, so new rules on CGT will affect how much tax he pays. Can we use my CGT allowance as well as his to reduce the capital gains tax that will now be due since lettings relief is no longer applied? The house was his and our home for over 17 years before it was let and has been let for 10 years this year therefore lettings relief would have meant almost nothing would have needed to be paid with the old rules but after April over £10k if my allowance is not allowed. Thank you!0
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