Tax planning for property sales

If you have a property that you are thinking of selling you have an advantage if you are married.

By transferring a share of the property into your spouse’s name you will benefit from two annual exemptions rather than one. At current rates, this could save you £3,520. To do this you may need the approval of your mortgage company and the assistance of a solicitor. Their fees should be about £500 in total, netting you a £3,000 saving.

A word of warning though, you should do the transfer as far in advance of selling the property as possible and certainly before you put it on the market.