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Selling below market value?
movilogo
Posts: 3,235 Forumite
Can I sell a BTL house owned by me (no mortgage involved) to my spouse at a price which is lower than market value?
Or it would be better to just gift?
Or it would be better to just gift?
Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
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Comments
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CGT is based on market value, so no saving to be made there, if you've made a gain.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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What's your intention? Transfers between spouses don't generate a chargeable gain so no CGT involved.0
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No capital gains tax to pay for transfers between spouses.0
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I think spouses can gift assets, such as property, to one another without triggering CGT.0
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Sorry, was concentrating on sale angle.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Trying to avoid/evade tax by any chance? (A calm, polite question, not a comment upon morality...)0
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theartfullodger wrote: »Trying to avoid/evade tax by any chance? (A calm, polite question, not a comment upon morality...)
'Minimise tax'I think is the phrase you are searching for....0 -
If you have a property that is paid off and and has increased in value considerably since you first boughht it and you want to raise money for something other than your business ( residential house purchase etc..) transferring it into you spouses name and raising a mortgage on it is a tax efficient way ( more so,if she is a lower rate tax payer). She will be able to get mortgage interest tax relief on up to the current market value of the property - not the just what you originally bought it for.0
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