CGT when you own both freehold and leasehold?Make Text Bigger
My wife and I jointly own the freehold of a building and I own the four individual leasehold flats contained in this building (as, I hope I am right in saying you are not allowed to own both the freehold and the leasehold of the same building)
If we want to sell one of the leasehold flats can we use both of our CGT allowances against the capital gain?
We run this jointly as a business and we both share the income, the only reason both names are not on the leasehold is for the reason above, as stated by our solicitor when he set up the leases for us 10yrs ago.
He has said that we could get around this with a declaration of trust but as he isn’t a tax adviser has suggested I confirm this first.
Anyone come across this situation before?
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