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Aston Lawyer
Aston Lawyer, Property Solicitor
Category: UK Property Law
Satisfied Customers: 10230
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I am selling a house which is in my name. I have a long term

This answer was rated:

I am selling a house which is in my name. I have a long term common law partner and would like to add his name on to allow us to utilise both personal allowances therefore saving on capital gains tax. How would I do this as I understand I am unable to gift 50% of it to him as are not married?

wingrovebuyer : Hello. I assume the house is not your main home?
Customer:

no its a second home not our PPR

wingrovebuyer : I see you have rated poor service, therefore I am not prepared to continue.

Hi there,

 

I hope I can assist you, as my colleague has opted out.

 

As you are unmarried, any gift of 50% of the property to your partner will be liable for CGT (you are deemed to give him 50% of the market value of the property, even if you are not receiving any monetary consideration from him).

If you were then to sell the Property, you would also be liable to CGT on your remaining 50% share.

 

Therefore, you are in the same position for CGT purposes whether you gift 50% or keep the property in your sole name.

 

I am sorry this is not the answer you were looking for.

 

If I have answered your question, I would be grateful if you could leave positive feedback.

 

Kind Regards

AL

 

I hope I have assisted.

 

Kind Regards

AL

Aston Lawyer, Property Solicitor
Category: UK Property Law
Satisfied Customers: 10230
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
Aston Lawyer and other UK Property Law Specialists are ready to help you

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