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  • FIRST POST
    • Kernowmaid
    • By Kernowmaid 5th Jan 18, 12:04 PM
    • 7Posts
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    Kernowmaid
    Tax liability on husband paying mortgage lump sum
    • #1
    • 5th Jan 18, 12:04 PM
    Tax liability on husband paying mortgage lump sum 5th Jan 18 at 12:04 PM
    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.
    Last edited by Kernowmaid; 05-01-2018 at 12:05 PM. Reason: Spelling
Page 1
    • Imelda
    • By Imelda 5th Jan 18, 12:53 PM
    • 1,286 Posts
    • 1,550 Thanks
    Imelda
    • #2
    • 5th Jan 18, 12:53 PM
    • #2
    • 5th Jan 18, 12:53 PM
    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!
    • Kernowmaid
    • By Kernowmaid 5th Jan 18, 1:42 PM
    • 7 Posts
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    Kernowmaid
    • #3
    • 5th Jan 18, 1:42 PM
    • #3
    • 5th Jan 18, 1:42 PM
    Hi, thanks for the reply. No we are not changing any ownership or sharing atm. Cheers.
    • Keep pedalling
    • By Keep pedalling 5th Jan 18, 1:51 PM
    • 5,094 Posts
    • 5,680 Thanks
    Keep pedalling
    • #4
    • 5th Jan 18, 1:51 PM
    • #4
    • 5th Jan 18, 1:51 PM
    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.
    • Kernowmaid
    • By Kernowmaid 5th Jan 18, 3:51 PM
    • 7 Posts
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    Kernowmaid
    • #5
    • 5th Jan 18, 3:51 PM
    • #5
    • 5th Jan 18, 3:51 PM
    No he hasnít sold yet, thanks very much I will mention your suggestion to him. Really appreciate your replying. Thanks.
    • Keep pedalling
    • By Keep pedalling 5th Jan 18, 3:59 PM
    • 5,094 Posts
    • 5,680 Thanks
    Keep pedalling
    • #6
    • 5th Jan 18, 3:59 PM
    • #6
    • 5th Jan 18, 3:59 PM
    No he hasnít sold yet, thanks very much I will mention your suggestion to him. Really appreciate your replying. Thanks.
    Originally posted by Kernowmaid
    How big is the gain he has made?
    • Kernowmaid
    • By Kernowmaid 5th Jan 18, 5:38 PM
    • 7 Posts
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    Kernowmaid
    • #7
    • 5th Jan 18, 5:38 PM
    • #7
    • 5th Jan 18, 5:38 PM
    Tbh I said shares but it!!!8217;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.
    Last edited by Kernowmaid; 05-01-2018 at 5:39 PM. Reason: Spelling
    • Keep pedalling
    • By Keep pedalling 5th Jan 18, 11:19 PM
    • 5,094 Posts
    • 5,680 Thanks
    Keep pedalling
    • #8
    • 5th Jan 18, 11:19 PM
    • #8
    • 5th Jan 18, 11:19 PM
    Tbh I said shares but itís 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.
    Originally posted by Kernowmaid
    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.
    • xylophone
    • By xylophone 6th Jan 18, 12:27 AM
    • 25,576 Posts
    • 15,104 Thanks
    xylophone
    • #9
    • 6th Jan 18, 12:27 AM
    • #9
    • 6th Jan 18, 12:27 AM
    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.
    • Tom99
    • By Tom99 6th Jan 18, 2:37 AM
    • 2,241 Posts
    • 1,520 Thanks
    Tom99
    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.
    • Kernowmaid
    • By Kernowmaid 6th Jan 18, 7:09 AM
    • 7 Posts
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    Kernowmaid
    Yeah it is volatile hence we want to bail. Thanks again for reply.
    • Kernowmaid
    • By Kernowmaid 6th Jan 18, 7:11 AM
    • 7 Posts
    • 0 Thanks
    Kernowmaid
    I donít think so with how itís set up, but will definitely look. Cheers
    • Kernowmaid
    • By Kernowmaid 6th Jan 18, 7:11 AM
    • 7 Posts
    • 0 Thanks
    Kernowmaid
    Thank you, just wanted to be sure so we didnít get a tax bill down the line.
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