Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Funky Moomin
    • By Funky Moomin 7th Mar 18, 11:04 AM
    • 2Posts
    • 0Thanks
    Funky Moomin
    Minimising CGT on sale of buy-to-let property
    • #1
    • 7th Mar 18, 11:04 AM
    Minimising CGT on sale of buy-to-let property 7th Mar 18 at 11:04 AM
    Hi, wonder if someone can help me....
    I'm currently going through a divorce and we have two rental properties we need to sell. We have been advised by an accountant that we should sell the properties in two different tax years, as we can then both use our CGT personal allowance for each property and maximise profits.
    One of the properties is in both our names but the other is in mine alone, as is the mortgage.
    Can you please tell me if my husband will be able to use his capital gains allowance on a property in my name, as we'll be splitting the equity? If we can't do this, can we transfer the property into joint names which will enable us to make use of both our CGT allowances?
    Any advice would be much appreciated..... Thanks
Page 1
    • purdyoaten2
    • By purdyoaten2 7th Mar 18, 11:19 AM
    • 855 Posts
    • 407 Thanks
    purdyoaten2
    • #2
    • 7th Mar 18, 11:19 AM
    • #2
    • 7th Mar 18, 11:19 AM
    One of the properties is in both our names but the other is in mine alone, as is the mortgage.
    Can you please tell me if my husband will be able to use his capital gains allowance on a property in my name, as we'll be splitting the equity? If we can't do this, can we transfer the property into joint names which will enable us to make use of both our CGT allowances?
    Any advice would be much appreciated..... Thanks
    Originally posted by Funky Moomin
    Your husband cannot use his Capital Gains exemption against a property that he does not own.

    Please do not transfer the property into joint names as it is clear that the SOLE reason for so doing is to reduce tax. HMRC will challenge this. This has been discussed many times on these forums. Additionally this could have ramifications in the divorce settlement.
    purdyoaten lost his password
    • Funky Moomin
    • By Funky Moomin 7th Mar 18, 11:26 AM
    • 2 Posts
    • 0 Thanks
    Funky Moomin
    • #3
    • 7th Mar 18, 11:26 AM
    • #3
    • 7th Mar 18, 11:26 AM
    Thank you so much, I called HMRC but nobody could answer my question so your help is much appreciated....
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,040Posts Today

5,876Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin