We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
Informing HMRC about transfer of part of property to spouse
Kirkmain
Posts: 212 Forumite
Scenario is such
Wife and I joint tenants in property where mortgage is paid off.
Would like to transfer my half to spouse. No CGT implications as inter-spouse transfer, and no Stamp duty implications as no mortgage and no money exchanged.
Do HMRC need to be informed by either party that such a transfer has happened. Or is it just a case of submitting the TR1 form to land registry. And and what instant has transferred happened? When forms are submitted, or when the land registry is updated (which can be months in the future). Need to know for declaring rental income purposes.
asking HMRC, seem to get conflicting answers:
https://community.hmrc.gov.uk/customerforums/cgt/90f8d92c-4e25-ee11-a81c-000d3a8751e3
HMRC Admin 5 says "As there is no capital gains tax to pay on the transfer of assets between spouses or civil partners, you would not need to report the transfer to HMRC."
But
HMRC admin 25 says: "You should let HMRC know though that it has happened."
Wife and I joint tenants in property where mortgage is paid off.
Would like to transfer my half to spouse. No CGT implications as inter-spouse transfer, and no Stamp duty implications as no mortgage and no money exchanged.
Do HMRC need to be informed by either party that such a transfer has happened. Or is it just a case of submitting the TR1 form to land registry. And and what instant has transferred happened? When forms are submitted, or when the land registry is updated (which can be months in the future). Need to know for declaring rental income purposes.
asking HMRC, seem to get conflicting answers:
https://community.hmrc.gov.uk/customerforums/cgt/90f8d92c-4e25-ee11-a81c-000d3a8751e3
HMRC Admin 5 says "As there is no capital gains tax to pay on the transfer of assets between spouses or civil partners, you would not need to report the transfer to HMRC."
But
HMRC admin 25 says: "You should let HMRC know though that it has happened."
0
Comments
-
Are you wanting to change the legal owner or the beneficial interest?
0 -
Well you're certainly not transferring 'part of the property' (TP1). That would involve giving her, say, the kitchen and hallway but keeping the rest!0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349.9K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 453K Spending & Discounts
- 242.8K Work, Benefits & Business
- 619.6K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards