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Answered in 8 minutes by:
3/8/2012
Sam Pathak, MBA FCCA CTA
Category: UK Tax
Satisfied Customers: 472
Experience: Tax Consultant & Chartered Certified Accountant with over 15 years experience
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Hello,
Thank you for the question.
If you transfer the ownership of the rented property between you two, there is no CGT implications at the time of transfer - as it is an inter-spouse transfer.
Also, no IHT implications.
If you make it in joint names, then you will get two lots of £10,600 (Capital Gain Annual Exemption) deducted from final gains if any (when you sell) which is surely an useful exercise.
Rent will also be split 50/50 which means income tax year on year will also be saved by a bit.
I trust the above clarifies.
Best regards
Sam Pathak
You can leave the main home as it is as in any case it will be CGT-exempt upon sale, under something called CGT 'main residence exemption'.
She will have at least annual income of £7,475 (which increases by a bit every year) tax-free.
Sam Pathak, MBA FCCA CTA
Category: UK Tax
Satisfied Customers: 472
Experience: Tax Consultant & Chartered Certified Accountant with over 15 years experience
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