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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5143
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My ex and I own 2 properties , buy to lets on the same estate.

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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
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.

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