How long before we can jointly benefit from the CGT allowance?
How long does a property have to be in joint names to benefit from joint relief on capital gains? My partner and I own a property in my name only, but would like to put the property in both our names.
There is no statutory time before a transfer into joint names takes effect for CGT purposes.
From the CGT standpoint, transfers between spouses are deemed to take place at 'no gain/no loss', i.e. the receiving spouse steps into the shoes of the other and inherits their base cost, taper relief, indexation and PPR relief as appropriate.
Beware, though, that transfers immediately prior to a sale will be looked at closely by the Revenue as they can challenge the transfer as being artificial and charge the tax on the spouse that did the transfer. Preference is for the transfer to take place before the property is put on the
Transferring the property into joint names after an offer has been made on the property is pushing the boundaries!
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