CGT on buy to let property sale where spouse has 99% beneficiary interest

boongywoongy

I own a flat that has been rented out but the tenants have given notice last night to move out and I have decided to sell.
I purchased the flat as a Buy To Let investment myself (as sole owner) over 5 years ago (mortgage free) but made my wife a 99% beneficiary last July through a Deed of Assignment and submitting Form 17 to HMRC for income tax purposes.
My question is now that we want to sell it, how would the CGT be calculated? Would CGT be on me (as the owner), my wife (as the beneficiary) or can it be split in some way as we are married?
We expect a 50-90k gain.
TIA.

[Deleted User]

Thus may help:

https://www.google.co.uk/amp/s/www.accountancyage.com/2018/11/16/whats-yours-is-mine-joint-property-and-form-17/amp/

boongywoongy

Thank you, that link is very helpful.
From what I gather, CGT will be based on the beneficial ownership amounts so the gain will be taxed under my wife as she is a 99% beneficiary.
As we are no rush to sell (we need to refurb first), I'm wondering if I should just perform another Deed of Assignment to readdress the beneficiary amount back to 50/50 before selling so that my CGT allowance can be used?
Thoughts anyone?

[Deleted User]

That would be a reasoned approach. In common with many threads on here do this well in advance of any evidenced intention to sell (don’t advertise the sale until this is done, for example)
You should also consider why you have adopted the current ratio in the first place - presumably your wife pays tax at a lower rate? So, while you would benefit from the additional allowance, does this outweigh the proportion of CGT liability which will become chargeable at a higher rate?