CGT- Gift to spouse?

Tipustyger

My father will be selling a property for which he will be liable for CGT. The property is owned along with another party who will be recieving a substantial sum from the sale.
Is there any way of reducing my father's personal liability by providing a gift to my mother? At the moment, I am assuming that the the liability will be as follows:

Sale Price minus (Mortgage+Renovation Costs+Legal Fees+Shares of the Joint Owner)

I'd be grateful for any advice on this as I am new to CGT and my head is simply swimming with all the info from various places.

fengirl_2

Your grandfather would need to transfer half of his share to his wife now, before the sale is agreed. That way, her tax free CGT liability would be available to set against her share of the gain. However, the transfer would be at current value and with house prices going down or staying the same, is he sure that she would be making much of a gain on her share?
The CGT will be assessed on cost price, plus legal fees, less selling price and legal fees and any improvements (not just noromal repairs and redecoration). Mortgage is nothing to do with CGT.

CLAPTON

the transfer of assetts between spouses is considered to be at the original acquisition price and not the value at the time of transfer.