Transfer of equity and stamp duty

Chinny_2

Hi there

I currently own with my Dad and we want to transfer the property solely into my wifes name. Does anyone know what the stamp duty implications are for this? Also if we wanted to buy another place and hold on to this flat and keep it in my wife's name - does anyone know what the capital gains implications would be if we then sold it later on?

I appreciate this is a bit complex so any help or pointers would be very much appreciated

Thanks
Chinny

timmyt

why are you asking about stamp duty? you don't say money is changing hans, nor do you mention your wife is releaving your dad of any of the mortgage...so no money/consideration appears to be changing hands

if you own a second property and that rises in value, then you are exposed to CGT. Whether you pay any depends on annual allowances, deductable improvements, deductatble expenses, and houses going up in value - a rare thing at the moment

CloudCuckooLand

If gifted and no mortgage, probably no SDLT. http://www.hmrc.gov.uk/sdlt/calculate/transfer-ownership.htm

If not your main residence, when sold she would incur CGT. http://www.hmrc.gov.uk/cgt/intro/when-to-pay.htm#2