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TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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My wife and I have lived in our sole property. Currently it

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My wife and I have lived in our sole property. Currently it is in my wife's name as I was self employed and it was transferred from joint names once the mortgage had been paid. We are now concerned about the impact of future care home costs and are considering transferring the proprty from sole ownnership of my wife to TENANTS IN COMMMON, whereby we each have 50% of the property. As my wfe is effectively GIFTING ME 50% OF THE VALUE, do either of us face a tax liabilty if we sell in the future ?
If the transfer is a gift and no consideration in money or money's worth is given then Stamp Duty Land Tax (SDLT) does not normally apply.
You don't usually have to pay Capital Gains Tax when you sell or dispose of your own home. This is because you get a relief called Private Residence Relief.
For the whole time you've owned it both the following must apply:
it's been your only home or main residence
you have used it as your home and nothing else

When you sell, you would be allowed the Private Residence relief.
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