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Posted Mon, 16 Dec 2024 17:11:56 GMT by Trusselle
Hi. In 2017 I transferred sole ownership of our second property to my wife as she was a low rate tax payer for the rental income. We are now looking to sell the property and would like to transfer the property back into my sole name as I have carried forward cgt losses to offset against the gain.Both transactions for nil value. 1. Is this permitted 2. When filling in the cgt form, do I use the initial purchase price and costs when I first bought the property and expenses I incurred for new windows, bathroom etc?
Posted Fri, 27 Dec 2024 11:56:54 GMT by HMRC Admin 32 Response
Hi,
TSEM9852  advises thay once a declaration is made it remains in force until the couple’s interests in the property or income change, or they stop living together as a married couple or as civil partners of each other. 
TSEM9852 - Form 17 rule - how couple make declaration
You will have to submit a new declaration to change the exsisting declaration. 
Declare beneficial interests in joint property and income
As there is no tax liability from the transfer of assets between spouses or civil partners, the asset is transferred at the original cost.
Please have a look at the guidance on expenditure at CG15150P as some changes are considered 'maintenance and repairs' and are not allowable to set against capital gains.
CG15150P - Capital Gains manual: introduction and computation: computation: expenditure
Thank you.

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