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Equity Transfer Advice
gallygirl
Posts: 17,240 Forumite
OH wants to transfer 1/2 of a property he owns to me. Value 150k, no mortgage. Can anyone advise on a) CGT, and b) is there a stamp duty payment to be made?
Property bought a few years ago, after taper relief & allowances he would have to pay CGT on around 15k. He's a higher rate tax payer so assume we'd be better waiting till 18% flat rate comes in (except have read today chancellor having second thoughts
).
Also, have looked on line for quotes and we're looking at region of £350. Can anyone point me in direction of book or website where we can DIY?
Thanks all.
Property bought a few years ago, after taper relief & allowances he would have to pay CGT on around 15k. He's a higher rate tax payer so assume we'd be better waiting till 18% flat rate comes in (except have read today chancellor having second thoughts
).Also, have looked on line for quotes and we're looking at region of £350. Can anyone point me in direction of book or website where we can DIY?
Thanks all.
A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"
0
Comments
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If you wait until the 18% flat rate CGT comes in, then you can't get taper relief. CGT calculation is based on the original price and if (& for how long) OH lived in it as his PPR. Transfers between spouses are free of CGT, so he could marry you first!
If the value is 150k, a half share would be 75k, below the stamp duty threshold.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Transfers between spouses are free of CGT, so he could marry you first!
:eek: :eek: :eek: :eek: It's only money!!!!!!! Crikey, would need to save an AWFUL lot before we'd go down that route :rotfl: :rotfl: :rotfl: .
Many thanks. Think we'll wait - he's only owned 3 yrs so taper relief negligible, also he's never lived in it.A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0
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