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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15758
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My brother and I inherited my mother's house in 2012.

Resolved Question:

My brother and I inherited my mother's house in 2012. For IHT purposes it was valued at 245k. We expect to sell it this summer for around 350k. We have been advised that it is a legitimate CGT avoidance device to now transfer the property into the names of my brother and me and our respective wives, thus invoking four CGT personal allowances.
Is this correct?
Assuming it is correct what form should the transfer take? A conventional transfer from my brother and me to him, our wives and me as tenants in common? Presumably nil consideration, which of course reflects the reality of the transaction should be put on the TR1.
Please let me know if you think I have got any of this wrong and why.
Richard
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

There is nothing to stop a husband transferring a share of a property to his wife or vice versa. HMRC have publicly stated that they would not challenge such a tax saving tactic.

Follow the guidance here to get your spouses names onto the property title. There is no consideration. Given that two separate couples are involved,a tenants in common ownership structure makes sense. If in any doubt, consult a solicitor.

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15758
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 1 year ago.

Many thanks, ***** ***** and unequivocal just what I needed.

Expert:  TonyTax replied 1 year ago.
Thanks and good luck.

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