10 replies to this topic

[theotherjonnymac]

For tax reasons, I want to add the Mrs to the ownership of a rental property I currently own in my name. How much will it cost me to do this? cheers

[jonnyboy]

I would see an accountant and solicitor. Possible capital gains implications for her.....getting married wont help either (in case she asks)

Edited by jonnyboy, 22 January 2012 - 08:43 AM.

[Bargi]

As Jonnyboy said see an accountant and solicitor, but also think you may need to pay stamp duty again.

[slindborg]

Simple land registry change. £50 iirc from when we changed our for the will

[fiveoclock]

As I understand it you can give a gift (which is what you are doing) to your wife/husband and you are not liable for capital gains tax (you would be if you gave it to anyone else). The person you give it to, your wife in this instance, will only be liable for CGT once she sells it. The amount of CGT depends on factors such as how long she has had it and what improvements have been done at what cost but this would be the same if you owned it all and sold it HMRC website will have more info.

Edited by fiveoclock, 22 January 2012 - 09:54 AM.

[LY_Scott]

I seem to recall a similar question from Joe about his mums house. Styles came back with some pretty qualified info. Maybe worth a PM to styles or hunting down Joe's (joe_589)'s thread.

[fiveoclock]

I seem to recall a similar question from Joe about his mums house. Styles came back with some pretty qualified info. Maybe worth a PM to styles or hunting down Joe's (joe_589)'s thread.

Different advice/info if its your husband/wife rather than your mother but, yes, styles is your man for this

[theotherjonnymac]

Good advice as usual. Tha accountant has suggested it as it will save about 4k a year in tax.

[MrSimba]

Surely have one in your name and one in hers? If you ever come to sell it's your / her only property & no capital gains tax? * feel free to ignore any of the above as I'm a hairdresser not an accountant!!!

Edited by MrSimba, 22 January 2012 - 10:04 PM.

[jonnyboy]

I'm guessing there's an advantage of using the Mrs tax allowance on the rental income. This is what I've done. Business is also run sa partnership for this reason.

[j0n]

We charge £265 + VAT for transfer of equity, or you can use your own solicitors. Stamp duty may be payble too.