X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Tax

    Transferring rental property to a partner.

    Hi. I wondered if anyone could help?

     I bought a property to rent using my own cash  a few years ago and put my partner on the deads as she was going to pay for the refurb costs. We was going to flip it but the refurb ran over and there was little equity in at the time . So I decided to let it. My partner could not invest  so I funded the whole thing myself.

    She had 50% rental income from it as she is a basic rate tax payer.

    We have since agreed that as she did not put any money into the deal I should take the property back and put it into my portfolio. We have had this done at land registry and it is now in my sole name.

    My question is, Would there be any CGT to pay as no money has changed hands?

    Do I have to have a valuation  by a surveyor or is comparables enough to show HMRC?

    Is any SDLT payable?

    Property bought for 61k, refurb 8k. Current value now 90k to 100k

    Any info would be gratefully appreciated

    0
    0

    I believe if you and partner are married there is no CGT between married couples, if not then there is. SDLT is not applicable in your case again as long as you are married and the property is unemcumberred

    0
    0

    No not married but it is unencumbered so maybe tax to pay?


    0
    0