How to reduce CGT on sale?

[justin]

Hi
I inherited a property four years ago and it is registered solely in my name. It?s possible that I will sell it in six months to a year?s time. I was told that sale would result in a substantial capital gain tax. Would it be possible to add my wife?s name prior to selling it so that I could use his capital gains allowance also, or would this be looked into by the relevant bodies when it is sold?

Also, would it be sensible to add my two adult children?s names and use their allowance also.

Look forward to hearing any comments. Thank you.
Thanks,
Justin

[samuel]

Inter-spouse transfers are common as there is no CGT at date of transfer. You should also bear in mind your other income as CGT is payable at 20% up to the point that your income and gains put you into the higher rate - 40% bracket. Therefore you may wish to transfer less (or more) than 50% to your hubby.

As for two daughters - maybe if you are genuinely gifting them a share of the property but remember that the gift will be a deemed disposal at market value for CGT purposes.
Thanks,
samuel