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CGT question
sw_phil
Posts: 5 Forumite
I have a question related to CGT which is going to be needed sooner than I like because I have incurable cancer. We have two properties and are looking to downsize.
We currently have a "Declaration of Trust" set up that puts the vast majority (99%) of a flat that I used to live in for work during the week with my wife.
I hold 1% of this and we receive a small amount of income from our son who pays rent to us for it.
If the Trust works for selling the property, would this mean we should buy our next main house in just my name and when I pass away, this goes to my wife without the CGT liability as we are married? Once we move, we intend to sell the flat and then based on my guess above, we would have no CGT for my wife and only 1% for myself. I am sure it is more complicated than this!
Thanks
We currently have a "Declaration of Trust" set up that puts the vast majority (99%) of a flat that I used to live in for work during the week with my wife.
I hold 1% of this and we receive a small amount of income from our son who pays rent to us for it.
If the Trust works for selling the property, would this mean we should buy our next main house in just my name and when I pass away, this goes to my wife without the CGT liability as we are married? Once we move, we intend to sell the flat and then based on my guess above, we would have no CGT for my wife and only 1% for myself. I am sure it is more complicated than this!
Thanks
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