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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My wife and I own a second property that we let. Currently

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My wife and I own a second property that we let. Currently we have equal shares in the property but I would like to transfer part of my share to my wife so that she owns 90% and I own 10 %. There is no mortgage on the property. Are there any Capital Gains or Stamp Duty implications in doing this?
Eiddwyn Hall
Submitted: 8 months ago.
Category: Tax
Expert:  TonyTax replied 8 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 8 months ago.

Transfers of assets between spouses who are living together are treated as having been carried out on a "no gain, no loss basis" so there will be no CGT implications.

As no cash will change hands and there is no mortgage on the property (a mortgage counts as cash) there will be no stamp duty to pay.

Complete and submit a form 17 to HMRC when the transfer has occurred.

I hope this helps but let me know if you have any further questions.

Customer: replied 8 months ago.
Many thanks for your reply. I wondered whether or not the rules on stamp duty which changed in April had any impact on this transfer? Clearly from your answer they do not.
Expert:  TonyTax replied 8 months ago.

You already own it between you so I cannot see how the 3% surcharge could apply. Your wife won't have increased the number of properties she owns, just her share.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15886
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Customer: replied 8 months ago.
Many thanks for the advice.
Kind Regards, Eiddwyn

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