Hello and welcome to the site.Thank you for requesting I help you with your question.Your share of the net gain is (95,000-40,000)/3 approx £18,333.You are entitled to gains allowance of £11,000, making the net gain (18,333-11,000) £7,333.Your total income including the aforementioned gain will keep you within the basic rate of tax threshold. Therefore, the gain would attract CGT rate of 18%.CGT payable is 7,333 x 18% = £1,320.
Transferring funds to your wife is not going to change your tax payable on the gain. If you were to transfer 50% of your stake in the property to your wife before the sale, and then sell the property in say 2/3 months, you would escape paying CGT.
I hope this is helpful and answers your question.
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Thanks for your reply and advice. I am happy to pay the CGT you have calculated as I was advised by my solicitor that any transfer to my wife within 6 months of the sale would adversely affect any mortgage application by a prospective buyer.
John, thank you for your reply.
If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it.