CGT on a transferred asset between husband and wife
7:07 PM, 13th April 2017, 9 years ago
16
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I have a buy-to-let property that has been in my husband’s name since we purchased the property.
It has never been my main residence.
The asset was transferred to me in 2014 and is now solely in my name.
If I were to sell this property, would I pay CGT from the date it was transferred into my name in 2014?
Thanks
Elouise
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Member Since August 2013 - Comments: 124
1:46 AM, 17th April 2017, About 9 years ago
This will raise eyebrows. When I was a young cub my tax partner insisted that sale of PPR was disclosed on a tax return and then relief claimed. Whenever an apportionment of home expenses claimed by self employed the fact had to be disclosed in white space. Any enquiry into a tax return had to be replied to in full in seven working days. If we could not do that and if the reply to the enquiry did not shut down the case we had not done our work correctly. (There was an exception for one particular Inspector who seemed to be out to make a name for himself.)
Member Since June 2015 - Comments: 6
9:06 AM, 17th April 2017, About 9 years ago
Reply to the comment left by “Mark Alexander” at “17/04/2017 – 00:22“:
In the year after separation there is no husband wife exemption but that’s a different topic altogether.
Member Since January 2011 - Comments: 12209 - Articles: 1408
9:09 AM, 17th April 2017, About 9 years ago
Reply to the comment left by “Martin Wardle” at “17/04/2017 – 09:06“:
Not for Elouise it isn’t, she emailed me offline.
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Member Since June 2015 - Comments: 6
4:06 PM, 17th April 2017, About 9 years ago
If post separation and in the following tax year then it’s a very simple and more importantly practically free answer…
Curious thread handling however Mark… putting random unrelated questions into the thread without the the info is something you don’t often see…
Member Since January 2011 - Comments: 12209 - Articles: 1408
5:04 PM, 17th April 2017, About 9 years ago
Reply to the comment left by “Martin Wardle” at “17/04/2017 – 16:06“:
Yes, sorry about that Martin.
It is rather unusual for the person who posted the thread to email me directly with additional information as opposed to commenting on the thread, but that is what happened in this case, and I confused the two.
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Member Since June 2015 - Comments: 6
6:13 PM, 17th April 2017, About 9 years ago
No worries. So long as the correct answer was gotten in the long run.