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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am selling a buy to let property which is jointly

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Hi,
I am selling a buy to let property which is jointly owned by my brother and me. Is there an easy way we can add our wives to the title to limit any CGT? I need exact details of forms etc as I have spoken to my conveyancer and they are not sure. Also, are there any other implications eg SDLT which need to be considered?
Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question. If you wish to add your spouse as a joint owner of the property you need to tell the Land Registry by completing form AP1. You can be download it herehttps://www.gov.uk/government/uploads/system/uploads/attachment_data/file/446739/AP1.pdfYou are effectively gifting 50% of your share to your wife. You should check with your lender that they have no objection if there is a charge on the property.More information on registering land or property with Land Registry can be found herehttps://www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-propertyThere would be no SDLT payable as no money will change hands.. you will be gifting 50% share to your wives. 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.
Customer: replied 1 year ago.
thanks. Do you know how long this will usually takes as the property is in process of being sold? Also, in terms of contacting mortgage company do I just tell them I am filling out AP1 to add my spouse to the title?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply..If the property is already in the process of being sold, you may be too late to register your wife's interest at Land Registry to take advantage of spreading gain to mitigate CGT. HMRC will view the transfer of interest with suspicion.You may wish to talk with your solicitor and consider making a statutory declaration to the effect that although the property was registered in your name you share beneficial interest with your wife 50:50.I hope this is helpful and answers your question.
Customer: replied 1 year ago.
thanks. How would the statutory declaration affect the self assessment for CGT? Are there any disclosures that need to be made or should i just calculate what proportion i owe for CGT?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply..You would calculate your share of the gain and report it on your tax return.Your wife will report her share of the gain on her tax return.The statutory declaration would support your calculation..No other disclosures to be made. I hope this is helpful.If there are no more issues, I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4882
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer. Best wishes.

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