Transfering property, stamp duty and CGT liability
Discussion
My partner and I (we're not married) have a number of BTL properties plus our home.
We have a mix of ownership on the deeds (mostly in my favour) due to past mortgages but in reality my partner has contributed to deposits and helped refurb them. She has also over time put money in to reduce mortgages. She gets a share of the profits.
Where we own outright we would like to balance the ownership 50/50. It works both ways as one property was entirely in her name from the start.
If I were to gift her 50% of a property what would the stamp duty and CGT liabilities be if no cash has changed hands?
I've also been considering gifting property to my kids a later date which I assume would be the same scenario?
We have a mix of ownership on the deeds (mostly in my favour) due to past mortgages but in reality my partner has contributed to deposits and helped refurb them. She has also over time put money in to reduce mortgages. She gets a share of the profits.
Where we own outright we would like to balance the ownership 50/50. It works both ways as one property was entirely in her name from the start.
If I were to gift her 50% of a property what would the stamp duty and CGT liabilities be if no cash has changed hands?
I've also been considering gifting property to my kids a later date which I assume would be the same scenario?
Eric Mc said:
Market Value is substituted for CGT purposes when there is no consideration.
Thanks.I did think it would be something like that otherwise the CGT liability would have to transfer somehow. I suspect I've asked the question before and got the same answer hence doing nothing about it before now.
I assume it would be 50% of the market value as only 50% would be transferred?
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