Joint to single name on title deeds

[purplejellyb]

My husband and I own two properties jointly without mortgages. We wish to place one in my name and one in his name. How do we go about it and how will this effect our taxes? If we were to separate/divorce how would this effect us?

[STIDW]

Why do you think transferring the properties into sole names is advantageous? If you divorce all the property held in sole and joint names forms the matrimonial pot to be shared. There is tax to pay on any capital gain and only one's main private residence qualifies for tax relief.

Assuming you are currently living together, if the second property is sold you both have a capital gains allowance of �10k and if the property is transferred to H you cannot use your allowance. CGT is 18% so effectively disposal of the property would then attract additional CGT of �1,800.

[Peter Pedant]

I agree with the above
You can't both have a main residence
and you or the tax man will deem one


However....if you put in separate names and sell one, you COULD still get relief two lots of capital gains by formally transferring to both names, the night or week before you complete can't you ?

How would it affect your taxes
well you both have House 1 as the main residence, so no tax relief on that. House 2 if you are letting it,then the income is only declared on the owners tax form
and this might make sense if owner 2 pays top whack 20% tax and the other one 40%

so yes....there may be a tax advantage