Would really appreciate some help checking figures. Figures below are halved because my sister and I inherit in equal shares.
I will use all my personal tax allowance this year but my wife won't. Her taxable income from property is likely to be only £1,000 for various reasons. Would it therefore be possible for us to transfer some of her personal allowance to me to wipe out this CGT bill or is it the wrong type of allowance?
- property valued at £187,500 at date of mother's death in Jan 2015
- recent sale value £217,500
- improvement costs £5,318
- costs of sale: £2,440.50
- no reliefs
- my profit from property this tax year will probably be around £13,000 (i.e. my income as I have no other taxable form of income)
I will use all my personal tax allowance this year but my wife won't. Her taxable income from property is likely to be only £1,000 for various reasons. Would it therefore be possible for us to transfer some of her personal allowance to me to wipe out this CGT bill or is it the wrong type of allowance?
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