CGT on gifting half joint property?
12:01 AM, 17th January 2023, 4 years ago
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Hello, I own a single rental house as joint tenants with my elderly father who lives overseas in NZ. It has probably risen in value about £50k since we bought it.
He’s suggested putting this wholly in my name (and probably formally gifting his portion) to ‘make things tidy’.
I’m trying to work out whether it is best to do this ASAP before the CGT threshold drops in April.
Or whether to leave it in joint names as then I THINK I’d inherit his portion tax free as we’re joint tenants and under the IHT threshold.
Too many variables here for me to work out the best approach.
At present I manage the property and take the income.
It’s mortgage free – the only practical change if it was in my name seems to be that I could more easily raise a mortgage if I needed to.
Any advice much appreciated.
Thanks,
Nick
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