Capital Gains on transferred property

[Mikehbs1]

We have a few buy to let properties and for tax reasons I'd like to transfer 1 property from my partners name into mine.

Detail is we paid 82k for it, let's say it's worth 100k now as an example. Then we'd pay cgt on 100-82-3k(cgt allowance) so we'd pay tax on 15k at 18%

If we transfer the house to me through land registry transfer, I've basically paid zero for the house. Does that then mean I'd pay cgt on the full 100k(assuming it's worth that) when we eventually sell it? Or does the original purchase price figures still stand that my partnerpaid for it?

Any help or advice much appreciated in responses

[bd6759]

What do you mean by “partner?

If husband/wife/civil partner, basically there is no CGT on transfer, but partner inherits original costs.

If not married, there is CGT on market value regardless of amount actually paid.

You say that “I'd like to transfer 1 property from my partners name into mine”. The fact that “you” would like to do it, suggests you already have an interest in the property. CGT is charged on beneficial owners. The litmus test is whether your partner free to dispose of the property as they see fit and keep the proceeds?