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HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 309
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
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According to the land registry, a property my husband and I

Customer Question

Hello. According to the land registry, a property my husband and I bought in 2009 is just in my name (at the time we were unmarried and it was beneficial to get a mortgage just in my name, even though we were together). We would now like to sell the property, but it has increased in value from 210 000 to 387 500. We lived in the property for 4 years, before renting it out for 7 years. During 3.5 of those 7 years, we worked abroad. Please could you advise on our capital gains tax situation and whether we should act to put the property in joint names. If so, is it OK to do this after we accept an offer?
JA: What are the assets or property for this capital gain?
Customer: A house
JA: Anything else you want the Accountant to know before I connect you?
Customer: That's all
Submitted: 9 days ago.
Category: Tax
Expert:  HM Accountax Ltd replied 9 days ago.

Hi,

I am an advisor at JA and happy to assist you.

The disposal of asset will be subject to CGT. However, you can claim the PPR relief to reduce the CGT liability. As the property is in your personal name, you'll only be liable to CGT. You can transfer the property to joint names but there will be some SDLT implications which might overweigh the benefit.

I hope this answer the queries.

If you have any further queries then please feel free to contact me.

Regards

HMAT