My wife has owned a property for about 10 years that has been rented out for a number of years. There is no mortgage on the property. She is looking to transfer 50% of it to me or, alternatively, transfer the whole property to me. (It was bought with our joint funds)
I am informed that she can transfer 50% by way of deed of gift and there will be no stamp duty payable. I am not certain of the position if the whole property is transferred.
My questions are :-
1 If the 50% or 100% is transferred is stamp duty payable?
2 If 50% (or 100%) is transferred to myself what value will I have to pay stamp duty on. I am informed it may be viewed that a notional purchase price of £0 may be applied when calculating CGT meaning I would have to pay CGT on 50% (or 100% if the whole property is transferred) of the sale price. What would the CGT position be?
3 If the transfer is by way of deed of gift and the property is sold after more than 7 years what is the position as regards CGT with the property being transferred as a gift?
Many thanks for any advice in advance.
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