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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4972
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have inherited a property a few years ago, and since

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Hi, I have inherited a property a few years ago, and since then it has been rented out. I am now planning to sell the property, is it worthwhile for me to transfer this equity to my wife as gift now so that we can both maximise the capital gains allowances? Is there a rule or time restriction in which it prohibited us from selling after the transfer?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question. There is no strict rule that stipulates time lapse between transfer of share of property to spouse and then selling the asset to mitigate cgt.It would pay you to gift a share of property to your wife to take advantage of two lots of gains allowance, My advice would be to gift a share now and then to sell the property in say Feb/Mar of next year. This alleviates attention by the tax office.I hope this is helpful and answers your question.
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Customer: replied 1 year ago.
Thank you for your prompt reply, much appreciate.Many thanks for your advice and for confirming that it would be beneficial for me to gift the share of the property to my wife. I will take the advice on board.
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer. Best wishes.

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