Property deed transfer

Shugpug

My wife and I own our flat outright, and let it out (I am military and we plan to live in military housing until I retire in the late 2030s). The flat is in my name only as we bought it with my savings just before we got married - situation has now advanced to where my wife does not work, and I am a higher rate tax payer. The income from the flat would not trigger bottom rate of income tax, so my assumption is that it would be tax efficient to transfer everything in to her name and do the self assessment tax return in her name each year instead of mine. But - CGT, Stamp Duty, etc..? Would all these be due? Does anyone know how easy or otherwise such a transfer would be, and how to go about it. Upfront costs for the process don't worry me too much as it would be worth upwards of £4k per year so should pay for itself unless I am very much mistaken..?

propertyrental

• https://www.gov.uk/capital-gains-tax/gifts

You do not pay Capital Gains Tax on assets you give or sell to your husband, wife or civil partner, unless:

• you separated and did not live together at all in that tax year
• you gave them goods for their business to sell on

The tax year is from 6 April to 5 April the following year.

If they later sell the asset

Your spouse or civil partner may have to pay tax on any gain if they later dispose of the asset.

Their gain will be calculated on the difference in value between when you first owned the asset and when they disposed of it.

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

You do not have to pay SDLT or file a return if:

• no money or other payment changes hands for a land or property transfer

https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1

Guidance: how to complete form TR1