CGT on a transferred asset between husband and wife

CGT on a transferred asset between husband and wife

19:07 PM, 13th April 2017, About 5 years ago 16

Text Size

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



Comments

by Robert M

1:46 AM, 17th April 2017, About 5 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.)

by Martin Wardle

9:06 AM, 17th April 2017, About 5 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.

by Mark Alexander

9:09 AM, 17th April 2017, About 5 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.
.

by Martin Wardle

16:06 PM, 17th April 2017, About 5 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...

by Mark Alexander

17:04 PM, 17th April 2017, About 5 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.
.

by Martin Wardle

18:13 PM, 17th April 2017, About 5 years ago

No worries. So long as the correct answer was gotten in the long run.


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

BECOME A MEMBER