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If you sell the property and make a gain of £100,000, the only relief you will be entitled to will be the annual CGT exemption of £11,100. Assuming there are two of you, you would each have a net taxable gain of £38,900.
There are two rates of CGT for residential property, 18% and 28%. The rate or combination of rates that you will each pay will be dependent on your respective incomes in the tax year you make the gain. No more than £32,000 can be taxed at 18% (unless you pay pension contributions net of 20% tax relief which will extend your basic rate tax band) and that figure (the £32,000) is reduced by £1 for every £1 of income you have in excess of £11,000, the personal allowance.
I hope this helps but let me know if you have any further questions.
I need to know pre tax earnings to be able to do some accruate calculations.
Leave this with me while I do some calculations. It will take a while.
If you sell the flat solely, you will have a net taxable gain of £88,900 (£250,000 - £150,000 - £11,100). Your CGT liability will be £22,056 (£28,360 @ 18% + £60,540 @ 28%).
If you put the flat into joint names before you sell it, you will each have a net taxable gain of £38,900. You will pay CGT of £7,726.00 (£31,660 @ 18% + £7,240 @ 28%). Your husband will pay CGT of £10,892.00 (£38,900 @ 28%). Yiour combined CGT liabilities will be £18,618 which is some £3,438 less than the CGT liability would be if you sold it solely.
Depening on how long it took to sell, if the property was in joint names, your husband would pay 40% tax on his share of the net rental ncome.
You can deduct all the expenses you mentioned.
You cannot deduct mortgage interest. You should have been deducting that from the rental income.
You can claim the cost of improvements which enhance the property but not general repairs and maintenance which again should be deducted from rental income.
You cannot defer CGT by investing in another property for you to live in.