Will I need to pay Capital Gains Tax?

[Lincoln]

Hi all, I've looked at the info on www.gov.uk/capital-gains-tax/gifts and that webpage states "Their gain or loss will be calculated from when you or they first owned it," but doesn't going into any further specifics. So, I'm hoping somebody here can help me out with this, please:

My wife bought a house in 2007 for £151,150, and lived there from 2007 until 2014. I lived there with her from 2009 until 2014.

My name was added to the title deeds when we remortgaged the house together in 2010. We fully paid off the mortgage in 2013. After we moved out (in February 2014), my wife transferred (gifted) her share of the property title to me (in October 2014), after which I started renting out the house. I rented out the house from November 2014 until March 2017 (and declared the income on my tax returns).

I have now put the house on the market. It has lost value since 2007 and is expected to sell for £140,000. Assuming it does sell for £140,000, will I need to pay any capital gains tax?

(In case it makes any difference, my wife and I are still married and still live together.)

Thank you in advance for your help!

[maths]

As you are married and live together any transfers of beneficial interests between the two of you are based on no gain/loss.

As you now own 100% you have a base cost of 151,150. Thus a sale for less than this means you have made a loss and there is thus no CGT to pay.

[Lincoln]

Thank you for your reply, that's brilliant news. Thanks again!