Transfer House to Spouse

Nov 01, 2006 4 Replies
S

I bought a buy to let property 10 years ago, and I've only a small mortgage left, approx 10k. I've since got married and with my wife not working at the moment I thought it might be beneficial to put the house in her name. In theory we could then pay less tax on the rental income.



Does that sound feasible or would it upset the tax man?



Also how would I go about this? Would I need to re mortgage the property with the building society and pay a solicitor a chunk of money to do the paperwork?



Thanks Stuart



Vote
Twitter Facebook LinkedIn
R

Why not put into joint names ratehr than her sole name so that thereafter you can switch it (99% of it anyway) back and forth between you simply by writing letters to each other.

Robert

Vote
Twitter Facebook LinkedIn
R

Rather than putting it in her sole namke, why not put it in joint names. Then you will be able to pass it (well, 99% of it) back and forth later simply by writing a letter gifting it. there was another thread about this ealier and it seems tha tthe tax man is happy with such letters provided you don't try and change ownership retrospectively. You can adjust the % ownership to optimise your joint tax bill. This might well mean making it 99% hers while she is not working but turning it back to 50:50 just before selling so as to minimise the CGT Robert

Vote
Twitter Facebook LinkedIn
R

This "passing back and forth" would be transferring beneficial ownership. You can do this without transferring legal ownership, so there is no need to "put it into joint names".

Vote
Twitter Facebook LinkedIn

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required