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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I would like to transfer a property ownership to my wife

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I would like to transfer a property ownership to my wife ,are there any tax implications on my wife?

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.

Any gain or loss resulting from transfer of asset/property between spouses is tax neutral. It is not chargeable to tax at the point of transfer. You would effective transfer ownership at cost.

Your wife would be chargeable to any gain on subsequent sale of that property and the gain would be the difference between the original cost and net sale proceeds.

There are no tax implications other than ones highlighted in my response.

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.

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Customer: replied 4 months ago.
thank you very much ,so as I understood ,No tax implication on my wife when I transfer the property ownership to her unless she sells it .

Thank you for your reply.

I thank you for accepting my answer.

She would pay tax on gain from subsequent sale.

No tax on acquisition of property.

Best wishes.