gift from spouse

[popular]

My wife is the owner of two flats. She would like to gift one to me.
There is a capital gain on this flat, and presumably stamp duty to pay on the transfer.
Are there any tax concessions relating to gifts of property between spouses

[Samson22]

Because you are married there would be NO CGT nomatter the capital gain amount. There also would be NO stamp duty if there is NO mortgage involved. If there is a mortgage involved it is the amount of the mortgage that is relevant. and the 7 Year year rule also does not apply for gifts no matter how big for spouses for tax implications. Assuming the spouse is UK domiciled.

[popular]

Thank you for this information
This gift of a property from my wife has increased in value by £52,000 since she originally purchased it. Although i have no intention of selling it, should i do so would i be deemed to have acquired it at the price my wife original paid of £102,000, or at its value at the time of the gift to me (i.e £154,0000)
If i am deemed to have acquired it at £154,000, this would seem to be a remarkably easy method for a couple to together avoid a substantial CGT should i sell

[Samson22]

Your correct to state you would be deemed to have enquired it at the original price. One way around this would be she gift the equity in stages using the annual CGT exemption. Would take about 4 years however.

[bd6759]

Your correct to state you would be deemed to have enquired it at the original price. One way around this would be she gift the equity in stages using the annual CGT exemption. Would take about 4 years however.

That would make no difference whatsoever. The transfer to a spouse is always at a value that gives no gain and no loss. In its simplest form, that means the value of the transfer is at its original cost. Splitting it up does not change that.

[maths]

Transfers between spouses living together are at no gain/no loss ie base cost to transferee spouse is the original cost to the transferor spouse.

Transferring an asset between spouses over time in a series of transactions will not achieve any CGT savings as no chargeable gain arises on such transfers.

Transfers between connected persons (not inter-spouse) over time in a series of transactions are subject to the anti-avoidance provisions, TCGA 1992 ss 19/20.