spencer1997
New member
Hey r/UKPersonalFinance community,
I need some guidance on a UK Capital Gains Tax situation for some relatives:
X bought a property for £2,000 in 1960 living in it for c. 10 years.
X married Z in 1980s, neither have lived in the house since and the house has been used to provide rental income.
In c. 2015 X transferred 50% of the property to Z in order to take advantage of Z’s personal allowance for income tax. No CGT payable as inter spouse transfer.
X is currently approaching 90, suffering from poor health and, to be blunt, likely to pass in near future.
What would the CGT position be for Z if they were to sell property (for say, £300k) after X’s death in the following scenarios:
A. The house stays in joint names, or
B. Z transfers back the 50% to X, making him the sole owner again.
Appreciate any insights!
I need some guidance on a UK Capital Gains Tax situation for some relatives:
X bought a property for £2,000 in 1960 living in it for c. 10 years.
X married Z in 1980s, neither have lived in the house since and the house has been used to provide rental income.
In c. 2015 X transferred 50% of the property to Z in order to take advantage of Z’s personal allowance for income tax. No CGT payable as inter spouse transfer.
X is currently approaching 90, suffering from poor health and, to be blunt, likely to pass in near future.
What would the CGT position be for Z if they were to sell property (for say, £300k) after X’s death in the following scenarios:
A. The house stays in joint names, or
B. Z transfers back the 50% to X, making him the sole owner again.
Appreciate any insights!