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bigduckontax, Accountant
Category: Tax
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I am proposing to sell a buy to let property on which there

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I am proposing to sell a buy to let property on which there is likely to be a taxable gain of about £100,000. The property is in my sole name. I understand that I might be able to use my wife's allowance. We are both basic rate tax payers. If I transfer ownership into joint names will I be able to use her allowances even if we dispose of the property within a few weeks?
Many thanks, David
Hello David, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. This question has been bandied about quite recently! Yes you can, you will be liable for 50K gain each and both be entitled to an Annual Exempt Amount of 11.1K. If you ever occupied the property before of after the letting period you may be entitled, in addition, to Letting Relief (LR) up to 40K. I do hope that you find my reply of assistance.
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