Hi all,
This is general question about gifting property to one's spouse. I own a flat which is rented out 100% in my name and pay 45% income tax. My wife, for next year at least will be on basic rate. As I understand it I could gift the flat to her at no cost and no SDLT would be payable unless the mortgage transfers with it in which case SDLT would be payable on the mortgage amount. Have I got this right? My follow on question is how is the CGT treated for me and in the future for my wife? If I sold the flat in the open market today I would currently pay no CGT because I have only held it as an investment for 1 year and previously lived in it for 10 years, but if my wife takes it at no cost what could her future liability be?
thanks!!
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