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.Tax Impication for re-evaluation when gifting a property?
cidfenmaria
Posts: 47 Forumite
Hi
Is it important to evaluate the value of the property when I gift it to my wife? Does it have any tax implication for the future when it comes to letting & selling. etc?
It shows the value has increased since I bought it
Thanks for any suggestion.
Is it important to evaluate the value of the property when I gift it to my wife? Does it have any tax implication for the future when it comes to letting & selling. etc?
It shows the value has increased since I bought it
Thanks for any suggestion.
0
Comments
-
If or when your wife comes to sell the property,the capital gain will be based on the difference between the selling price and the original cost when you purchased it.
https://www.gov.uk/capital-gains-tax/gifts0 -
Hi
thanks from the link I think the capital gain should be based on the difference between the selling price and the value at the time of my wife own it? rather than the price when I bought it
is that correct?0 -
cidfenmaria wrote: »Hi
thanks from the link I think the capital gain should be based on the difference between the selling price and the value at the time of my wife own it? rather than the price when I bought it
is that correct?
That is not what it says in the link provided
If you gift your wife the property,she is deemed to have acquired it at the price you paid for it.
This is an old article but sets things out pretty clearly.
https://www.taxinsider.co.uk/681-How_to_Correctly_Gift_Property_to_Spouses.html0 -
thanks
"Their gain or loss will be calculated from when you or they first owned it."
is this not saying on the date of my wife (first) own it?
or it has to be at the time of me first own it
Would I not bother evaluating the property prior to gifting then?0 -
cidfenmaria wrote: »thanks
"Their gain or loss will be calculated from when you or they first owned it."
is this not saying on the date of my wife (first) own it?
or it has to be at the time of me first own it
Would I not bother evaluating the property prior to gifting then?
Transfers between spouses are deemed as nil gain or loss, and disposal is offset against the original purchase price for CGT.0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.1K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards