beneficial interest to wife + her tax

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    #16
    According to HMRC website the consideration would be half of the mortgage debt.

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      #17
      If you are married, the consideration is the mortgage debt being acquired, which is half the outstanding amount if it's a joint mortgage.
      It's the full value for a non-married couple.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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        #18
        Originally posted by jpkeates View Post
        If you are married, the consideration is the mortgage debt being acquired, which is half the outstanding amount if it's a joint mortgage.
        It's the full value for a non-married couple.
        Thanks jpkeates. Your advice matches that of both solictors I have asked. However, I have just relayed this to a tax accountant who insists it is the exact opposite. I quote her "bear in mind with a spouse you are transferring the chargeable consideration - its only with other transfers that just the mortgage is relevant!"

        Do you have a link to a government/official website that I can go back to her with?

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          #19
          To be entirely honest I think she's not communicating clearly rather than being wrong.
          The chargeable consideration, in this case, is the mortgage as far as I can see - unless your accountant knows something about the transaction we don't.

          I've not got a good link (it's been such a long time since I had to think about it, it's like someone querying 2 plus 2 being 4).
          https://www.gov.uk/guidance/sdlt-tra...nd-or-property is essentially the situation, but this document assumes that the transfer is happening as a result of getting married rather than after that happy event, but the principle is the same.

          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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            #20
            Here is the hmrc website on sdlt for interspouse transfers :

            https://www.gov.uk/guidance/sdlt-tra...nd-or-property

            show your tax accountant example 2.

            ( just realised its the same as quoted by jkp. )

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