Capital Gains Tax

Wildhunny | 21:36 Mon 20th Mar 2006 | Business & Finance

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We are in the process of selling a flat which we have been renting out, for tax reasons we put the flat into my name.Is it correct that my husband can "give me" his capital gains tax allowance for the year to add to mine?

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dzug

No.

However you can give him half the flat without paying CGT, which means that both sets of allowances can be used when it's subsequently sold.

Wildhunny

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Contracts have already been exchanged so it's too late to change it into joint names

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