How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

My ex and I own 2 properties , buy to lets on the same estate.

Resolved Question:

My ex and I own 2 properties , buy to lets on the same estate. We bought one for 23k and one for 26k and both are now worth 45k. We joint own both and we now wish to have one each. I have suggested I buy half of one from him on the last day of the tax year and sell half of the other to him on the first day of the next tax year meaning we can both use out CGT allowance for each year and pay no tax is this plan legitimate
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

You can buy his half share in one property during the last week of the tax year and sell your share in the second property to him in the first week of the new tax year to maximise your capital gains allowance. There is nothing wrong in it as you are dealing in two separte properties that are co owned.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk and other Tax Specialists are ready to help you

Related Tax Questions