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Tax liability on husband paying mortgage lump sum
Kernowmaid
Posts: 7 Forumite
Hi, my husband has made some money on shares, and will pay capital gains tax as required. Our house is still is my name from before we married and I still hold the mortgage. The fixed rate is due to change and I can renegotiate the terms but we want to use the money my husband made to pay a lump sum off. We have no plans to make it a joint mortgage at this time. Can my husband pay the money or put the money in my bank account to do this without incurring further tax liability. Many Thanks in advance. Kernowmaid.
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Comments
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There may be a stamp duty land tax liability if you are planning on transferring a share of ownership to your husband.
Gifts between married couples do not attract any tax.Saving for an early retirement!0 -
Hi, thanks for the reply. No we are not changing any ownership or sharing atm. Cheers.0
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Has he actually sold those shares yet? If not he should look at utilising his annual allowances by selling in batches across more than one financial year, he could also gift some to you for a later sale so you can use your annual allowance as well.0
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No he hasn’t sold yet, thanks very much I will mention your suggestion to him. Really appreciate your replying. Thanks.0
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Kernowmaid wrote: »No he hasn’t sold yet, thanks very much I will mention your suggestion to him. Really appreciate your replying. Thanks.
How big is the gain he has made?0 -
Tbh I said shares but it’s crypto currency, with profit around £83k after capital gains tax. So we were thinking of paying off a lump sum of the mortgage which is still in my name as is the deeds.0
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Kernowmaid wrote: »Tbh I said shares but it’s crypto currency, with profit around £83k after capital gains tax. So we were thinking of paying off a lump sum of the mortgage which is still in my name as is the deeds.
With the volatility of crypto currency probably not wise to wait until after April, exchange the lot now and get out while he is winning.0 -
Your husband can realise the gain, pay any CGT and gift you the balance to enable you to make the repayment.
You have no tax to pay on the gift.0 -
Can part of this investment be transfered you before they are sold? If so you can make use of your £11,300 CGT allowance as well.0
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Yeah it is volatile hence we want to bail. Thanks again for reply.0
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