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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15914
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I vested a property purchase in my wife's name 20 years ago,

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I vested a property purchase in my wife's name 20 years ago, to take advantage of her personal tax allowances and she has paid self assessment tax since. We are now selling the asset at a profit after costs deducted at a gain of £108000. I intend transferring the asset to joint names in equal parts. Will we be allowed two capital gains allowances of £11,000 each
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

I'm assuming that this property has never been your main home.

There is nothing to stop you putting the property into joint names before you sell it in order to achieve two Capital Gains Tax exemptions as opposed to just the one. You have already assessed the relative merits of a single ownership sale and a joint ownership sale and should, therefore, be aware that the CGT rate paid by an individual is determined by the sum of their income and the net taxable gain.

I hope this helps but let me know if you have any further questions.

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