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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5151
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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If you remortgage your house from a Residential mortgage to

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Hi if you remortgage your house from a Residential mortgage to a Buy to Let Mortgage and change the names at the land registry are you liable for Capital Gains Tax ?

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

Are you transferring an interest/ownership in the property to someone else?

Many thanks

Customer: replied 3 months ago.
No, its currently in my name only with a Residential mortgage and after the transfer it will be in my name and my wifes name
Customer: replied 3 months ago.
I mean after its been remortgaged

Thank you for your reply.

A property registered in joint names from sole name would not give rise to any capital gains tax.

A transfer of title between spouses is tax neutral for CGT purposes. The transfer is deemed at cost price and therefor no gain or loss on transfer.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 3 months ago.
I do have a supplementary, what if the house is already used for renting ? Does this affect the CG tax situation.
ie its not our "main home"
Customer: replied 3 months ago.
i mean basically we had to move quite quickly and did not have time to tidy up the residential mortgage situation. However we are in the process of doing that and will all be sorted in the next month or so

Thank you for your reply.

It makes no difference to CGT whether the property is main residence or investment property. Transfers between spouses are tax neutral.

I hope this is helpful and answers your question.

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