How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15330
Experience:  International tax
Type Your Tax Question Here...
TaxRobin is online now

We have a property in France and are French resident. my

Resolved Question:

We have a property in France and are French resident. my wife also owns an apartment in the UK in which our student son lives, since 2009. Presumably this would be called a "second home". We would like to transfer the property deeds into our son's name.If we sold the property tomorrow, then, I understand, under recent change in law, that there would be a capital gain event created on the gain since 2015 April.
If we do a deed transfer (into son's name), and don't sell the property, is this also treated as a CGT event, or is it just a simple, change at rhe Land Registry without HMRC involvement?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloYou are correct about the April change for CGT and nonresidents. Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value.Disposing of an asset includes selling it or even giving it away as a gift, or transferring it to someone else.This is not simply changing at registry but you would also need to report the disposition.
TaxRobin and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
thanks for that. if the deeds transfer is wife to husband, is there then a CGT issue?
Expert:  TaxRobin replied 1 year ago.
If you and your spouse or civil partner are living together, any transfer of an asset between you is treated as giving rise to neither a gain nor a loss to the person transferring it.
Customer: replied 1 year ago.
which implies the possibility of a wife to husband deeds transferand then sale by husband (on same day or close to date), and the husband makes no capital gain. Or, better, transfer wife to husband to son, there being no CGT on the second transfer because of no value change. Do those work?

Related Tax Questions