Quizzes & Puzzles46 mins ago
Can I transfer deeds to avoid capital gains?
2 Answers
I have had a buy to let property for 5 years, I now want to sell it.. I got married last year. Can I transfer this into my husbands name to use his cap gains allowance as well as mine? When I told my solicitor that I wanted to do this she said that doing this may not be the most cost effeicent way but could not give me tax advise. what is the best way to proceed?
Answers
1 to 2 of 2
Best Answer
No best answer has yet been selected by mellita. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
Unless you have lived in the property - you will struggle to escape CGA.
You do have a large allowance and if done correctly, can bring some allowance over from a different period. You need to speak to your accountant - if you don't have one - seek an accountant that has been recomended by someone else. There are other ways around it but I would not like to advocate them !!!!!
If you had a lot of essential work done to the house, say to the heating system - that's tax deductable.
If you split up from your partner and lived in the house whilst you sorted out your differences and could show that you paid Council Tax, utilities at the property etc. I think there's a minimum period of time for this though, if you have previously rented it.
It all depends on how much profit you make - as there will be charges to transfer the name on the deeds. You need to sit down and work it all out and look at how the figures stack up.
You do have a large allowance and if done correctly, can bring some allowance over from a different period. You need to speak to your accountant - if you don't have one - seek an accountant that has been recomended by someone else. There are other ways around it but I would not like to advocate them !!!!!
If you had a lot of essential work done to the house, say to the heating system - that's tax deductable.
If you split up from your partner and lived in the house whilst you sorted out your differences and could show that you paid Council Tax, utilities at the property etc. I think there's a minimum period of time for this though, if you have previously rented it.
It all depends on how much profit you make - as there will be charges to transfer the name on the deeds. You need to sit down and work it all out and look at how the figures stack up.
1 to 2 of 2
