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OneSmallStep
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Last Activity: 18-09-2021, 22:16 PM
Joined: 16-05-2019
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  • OneSmallStep
    replied to CGT Options For BTL
    Just thought I would do a couple of simple calculations to see if there was any benefit to altering your wife's ownership to anything else, but it would seem the perfect number would be 93.85 / 6.15 giving a tax liability of £24,479 The difference could have been if one of you had more 'room' to play...
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  • OneSmallStep
    replied to CGT Options For BTL
    The maths isn't quite that simple. As now you would only be able to take 94% of the PRR so you would still have to calculate the perfect number....
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  • OneSmallStep
    replied to CGT Options For BTL
    I think your total gain is 200K so a sweet spot would be just over 6%.

    It is not tax avoidance. You are simply ensuring that you are tax efficient. Splitting ownership between your spouse is perfectly acceptable and HMRC have a system and procedures in place for this very reason. (form...
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  • OneSmallStep
    replied to CGT Options For BTL
    Could how the initial split of property make this process simpler?

    So if you are 'joint tenants' then you will have to go through the process of conveyancing and land registry to register you as the sole owner.

    However, if the split was 'tenants in common' could you not DIY...
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  • In that case you are fine and will fall into the 18% bracket taking off your wife's Personal Tax Allowance. Your figures would appear to be correct. However, I would also allow for the purchasing costs. (solicitors, land registry, searches, etc..) I know you haven't got invoices but you can put a figure...
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  • But what is your Wife's salary?
    will the sale push her share into the higher tax bracket?
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  • So neither you or your wife have jobs? or pay Income tax on any other source of income?
    Also, isn't the allowance £12300 not £12500?...
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  • I can't believe anyone actually changes cash anymore?? what is the point?

    Personally I use Halifax Clarity card for overseas. If I need cash then I use a Revolut card which you transfer £gbp and withdraw locally. Both give you the best exchange rate available so you don't have to do...
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