Couples with sizeable assets such as property or shares might consider joint ownership where the asset is likely to result in a capital gain. This way they can take advantage of both personal allowances, currently, £10,100 per person, and realise up to £20,200 of gains before capital gains tax (CGT) becomes payable.
Remember also that the rate at which you pay CGT will depend on your overall income for the year. Thus, basic rate taxpayers pay CGT at 18%. But any capital gains realised will be added to the total income earned in that year, and if the combined total means you end up in the higher tax band, you will pay CGT at 28% on your gain.
Clearly careful planning is required where CGT is concerned and we strongly recommend you check with us for advice before any significant acquisition or disposal.