CGT on second property

Watford_Gap

I've just started to to do some Googling on this, so please tell me if I'm heading off down a blind alley, or just got this completely wrong.

My wife and I own a second property as Joint Tenants, which we're planning to sell in about 6 months. I'm retired, so I'm a basic rate tax payer with a relatively low income, my wife is a higher rate tax payer.

Is it feasable to do the following: Change from being Joint Tenants to Tenants in Common? Perhaps with a split of 80% owned by me and 20% owned by my wife? (If so, in simple terms what is the process?)

The capital gain will probably be around £40,000 in total - so the goal would be to make sure we both use our CG tax free allowance, and I use my full basic rate allowance. (So as much as possible of the capital gain is taxed at 18%, rather than 28%.)

Does that make sense?

(Any other suggestions about ways of dealing with this?)

Olinda99

CGT is due on the period of ownership, so ate you saying you want to back-date the joint tenancy severance?

Watford_Gap

I guess I would want to back-date it. And I guess that's not possible. So it won't work!

Hamlet22

the new declared trust starts the day it is dated, not for any time before, naturally. But using the allowances is a good idea.

sheramber

Will you sell before April 24?

Are you aware the Capital Gains exemption reduces from £6000 to £3000  from April 24..