Transferring a house?

[Sueconjoice]

Can anyone tell me simply the advantages and disadvantages of transferring a house to my wife. We bought the house in 1982, lived in it till 2001, then my son lived in it till recently. We plan to rent it out. How will transferring it affect capital gains tax.

How does one transfer a house?

[Peter D]

As you ( sole owner ) lived in the property then you will be entitled to PPR and Letting relief of up to £40,000. If you transfer the house that will be lost as your wife has not lived there as an owner. Read HS283 on the HMRC web site.

I assume you are looking at transferring the house so the rental income is hers. Tell us more. Regards Peter

[King_Maker]

Are you joint owners, as you used the phrase "we bought the house....."?

If you are transferring the whole of your share in the house, it can be done by amending the Land Registry entry or by making a Declaration of Trust.

SDLT could apply if the property is mortgaged.