'Can we split our holiday home between six of us to save on tax?'

A few years ago I inherited a part share in a holiday home along with my two siblings. We’re going to sell the property. If our respective spouses also become co-owners, could that help reduce any capital gains tax bill?A Which? Money member

'Six owners means six tax-free allowances'

Mike Croxford, Which? Money expert, says...

To recap: a capital gain would occur if the value of the property had increased between the date of death and the date of sale.

In this case, six of you would have to each declare 1/6 of the gain. 

Tax would only be due on any amount that exceeds each person’s £3,000 tax-free allowance (either at 18% for basic-rate taxpayers, or 24% for higher-rate taxpayers). 

You can also subtract costs from your gain, such as estate agents' fees.

Note that the Land Registry can only hold a maximum of four owner names per property. 

To make sure all six of you have rights over the property, you would need to see a solicitor to draw up a deed of trust, which would involve extra costs.

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source https://www.which.co.uk/news/article/can-we-split-our-holiday-home-between-six-of-us-to-save-on-tax-a39il3Y0ED1q