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Property Transfer to Spouse
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wweessttoo
Posts: 22 Forumite
Hi,
I purchased a property in Scotland in 2006 worth around 125k. When I met my now wife I transferred 1/2 of the property with no payment changing hands in 2015. This is not a second property and our main residence so I don't believe there is an issue with paying CG tax, but can anyone confirm if I should have made HMRC aware of this transfer on my 2014/2015 tax return? Also it is my intension to sell my remaining 50% stake in this property to my wife or gift this to her. There are reasons why we would like the asset to be completely in her name.
If it is sold gifted for the remaining 50% is there a need to declare this to HMRC. I file a tax return yearly my wife does not. Reading around the internet there is a requirement to declare this to HMRC?
Any help would be great
Thanks
I purchased a property in Scotland in 2006 worth around 125k. When I met my now wife I transferred 1/2 of the property with no payment changing hands in 2015. This is not a second property and our main residence so I don't believe there is an issue with paying CG tax, but can anyone confirm if I should have made HMRC aware of this transfer on my 2014/2015 tax return? Also it is my intension to sell my remaining 50% stake in this property to my wife or gift this to her. There are reasons why we would like the asset to be completely in her name.
If it is sold gifted for the remaining 50% is there a need to declare this to HMRC. I file a tax return yearly my wife does not. Reading around the internet there is a requirement to declare this to HMRC?
Any help would be great
Thanks
0
Comments
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No need to declare AFAIK. However, what is the point if it is not a rental?0
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Might be an Inheritance Tax liability if you die within 7 years, otherwise I see no tax issue.0
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If it is relevant to your query you and your spouse are treated as one entity if you buy a second property and additional LBTT would be payable even if your existing property is registered solely in your wife's name.
Tlc0
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