Transfer of Equity - Tax Liability

jamsoph

My husband currently owns a property which he rents out, however to reduce his tax liability on this he wants to transfer the house over to me so the house would solely be in my name and not his anymore.

Can anyone give me advice on what we need to do, also there is a mortgage on the property.

Thanks

CLAPTON

You will need to get a mortgage in your name.

In principle taxes would normally be CGT and Stamp duty but as the transfer is from husband to wife there will be no tax payable

Has you husband ever lived in the house (this may effect CGT when eventually sold)

jamsoph

I thought as much, yes my husband used to live in the house but it was a good few years ago.

Thanks