Transferring home ownership.

whiskywhisky

Hi

Would be very grateful for some advice, or reassurance I am doing the right thing:

- I work full time and wife is housewife and does not work.
- I bought a BTL property several years ago just in my name, and have just now managed to pay the mortgage off.

The plan is to keep the property at least for a couple of years, if not the long term.

I am now thinking I should transfer the property into my wifes name, which will help utilise my wifes tax free allowance. I assume this is a no brainer?

Additionally has anyone does this type of transfer? did you use solicitor or diy?

Many Thanks

whiskywhisky

Is this post in the wrong forum?

Just wondering why there are no replies?

thanks

xylophone

http://www.taxinsider.co.uk/681-How_to_Correctly_Gift_Property_to_Spouses.html

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323663/hs281.pdf

might be worth a look.

wotsthat

whiskywhisky wrote: »

Hi

Would be very grateful for some advice, or reassurance I am doing the right thing:

- I work full time and wife is housewife and does not work.
- I bought a BTL property several years ago just in my name, and have just now managed to pay the mortgage off.

The plan is to keep the property at least for a couple of years, if not the long term.

I am now thinking I should transfer the property into my wifes name, which will help utilise my wifes tax free allowance. I assume this is a no brainer?

Additionally has anyone does this type of transfer? did you use solicitor or diy?

Many Thanks

Not sure about the income tax question.

However, if the property was in joint names when you sold you'd be able to utilise two sets of capital gains tax allowance.