Capital Gains Tax on buy to let

ambercelery

Hi

I recently got married and have a buy to let property, that I am thinking of selling at some point during the next year.

As the property is a buy to let, and myself and my wife live in our current house, we would need to pay capital gains tax on the profit from the sale of the flat.
However, at present the flat is only in my name.

What do i need to do (or pay) to transfer the flat into joint names so that we can both use our capital gains tax limit when we sell the flat?

CLAPTON

has it always been let out... i.e. you have never lived in the flat at your home?

ambercelery

it has always been let out... it hasnt ever been my home so cannot have the 3 years free from capital gains tax

Murdina

you can ask a solicitor either to get the land registry entry altered, or else just to execute a deed of trust saying you now both own it. You can consider owning it in different shares (i.e. does not have to be 50:50).

Best to get a solicitor to do the paperwork just to make sure all in order.