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Sam
Sam, Accountant
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My wife and I own a UK property as tenants in common. We are

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Hi
My wife and I own a UK property as tenants in common. We are both non UK tax residents since April 2013.We would like to transfer the ownership into 90% in my wife’s name 10% in my name.
Is this possible?If possible, will it trigger any stamp duty or capital gain tax?We bought the house in 998 for £400,000 and have a valuation from 2016 stating a value of £1.8 million There is a mortgage of £ 500,000 attached to the house.
Brgds Jens
Hello,

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Customer: replied 12 days ago.
I am happy to wait for an answer
Did you wife pay for 90%of the purchase? As this is the inly time than anything other than a 50:50 split would be accepted by HMRC - thanks Sam
Customer: replied 10 days ago.
thanks Sam,
can I then give my wife my 50% of the house in order for her to become the sole owner?
If possible, will it trigger any stamp duty or capital gain tax?

brgds Jens

No you are 50:50 co sharers of this property ( which is how a married couple are treated) so if you wish to transfer your share so its just in her sole name then as long as there is no mortgage on the property then you can do this by simply transferring the deeds. And as a married couple this triggers neither capital gains tax or stamp duty - Thanks Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 14901
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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