TR1 form (Property transfer)

starM

Hi,

I am in process of transferring whole of property which is in my name to my wife's name as a gift. The value of the property is 140k. There is no mortgage outstanding on it.

As it is a gift I am right in saying there is no Tax payable?

So far I have completed AP1 form, ID1 identification verified by a solicitor and TR1.

Witness need to sign the TR1 form. Is this someone unrelated or can it be a family member living at the same address?

Thanks
MS

G_M

SDLT is not paid if there's no 'consideration' (money or any other non-cash payment). See

https://www.gov.uk/stamp-duty-land-tax/reliefs-and-exemptions

It can be family - but I'd suggest someone unrelated. eg the solicitor who's doing the ID1. The TR1 guidance says:

The witness should be independent, and preferably someone who knows you well and could confirm you did sign the deed if necessary. One person may witness more than one signature but must sign and complete the details below every signature witnessed.