Will I be liable to pay tax if my partner puts my name on the house?

doghead

My partner and I moved into a new house together 4 years ago. At the time I was a student and because my income was so low I was classed as a dependent so my name could not be joint on the mortgage or the house.

4 years on, I earn as much as my partner and want to put my name on the house. We have extended the building so there will be some equity in the house.

If I put my name on the mortgage and house deeds will I have to pay capital gains tax, or anything else?

Advice would be much appreciated. Thanks

anselld

No tax impact assuming this is your main/only residence.
There might be some administrative/legal fees to deal with the details though.

doghead

I do own another house that I rent out. Will this be a problem?

antrobus

doghead wrote: »

I do own another house that I rent out. Will this be a problem?

Well you will have to pay tax on any capital gains you make on selling that house. But that would always have been the case, irrespective of whether you were the part owner of another property.

googler

doghead wrote: »

I do own another house that I rent out. Will this be a problem?

As said, capital gains tax when you sell this, but also bear in mind that all legitimate expenses relating to this one are deductables when calculating your income tax.

G_M

The other, rented, house is not your main residence so income tax and capital gains tax both apply - irrespective of whether your name is added to the property you share with your partner as a home.

There will be no new tax liability.

puddy

do you have a mortgage on the house you are talking about? if so, i think you need to go on the mortgage as well if you are on the deeds, if so you need to apply to go on the mortgage but if all is well it should be a formality (i assume)

doghead

yes there is a mortgage on the house I want to put my name onto but it's currently solely in my partners name

puddy

so you will need to apply for a joint mortgage then probably