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Capital gains tax

1 reply

Pugdoglife · 21/06/2021 14:37

I am looking at selling a BTL property that I own in my sole name. Is it possible to use the capital gains tax allowance from my DH in addition to my own? It talks about "gifting" to a spouse on HMRC, but I don't understand how this works in relation to property, do I need to gift him a portion of the property or could it be cash gift when the sale completes? Obviously I will need an accountant but just trying to get a bit of an idea first.

OP posts:
Weirdlynormal · 02/07/2021 11:42

He would need to own part of the property, which if there is a mortgage will incur costs.

The CGT is due on the sale of the asset, not on the money you make as such, so you can't give the money away, you need to give the asset.

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