Asset Transfer

  • Filter
  • Time
  • Show
Clear All
new posts

    Asset Transfer

    My husband and I moved abroad 10 years ago, but we retain a small number of UK rental houses which we've been hoping to sell. I may now have to return to the UK for personal reasons for a couple of years. Could anyone please tell me what the CGT implications would be if I transferred the houses to my husband now or if I transferred them after becoming UK resident again (on the basis that we still want to sell them)? Thank-you

    It may be better to make your inter-spouse transfer before you return to UK. And you need to consider the effect under tax laws of country where you are living

    But if you decide to sell , do it quickly as the tax rules for non-residents may be changed soon according to a report in Times Newspaper on 1st Nov .


      Hi Amy

      As Gordon correctly states you need to be aware of the current tax implications of the country you are currently resident in as your first port of call, as this could be a major factor in any planning.

      There will certainly be an impact with regards to UK CGT if you own part of the properties and sell them when you resume residency in the UK again.

      If however, it is a straight transfer of ownership to your husband once you re enter the UK then their will be no CHT issues as Husband & Wife Transfers are exempt under CGT law.

      I would consult your Tax Advisor, who will be best placed to plan everything for you.

      Kind regards

      Terry Hodge
      Head of Tax


      Latest Activity


      • Reply to Inheritance tax Open Market Vakue
        by flyingfreehold
        even with an RICS' firm's valuation, if the valuers at HMRC think it low they will still challenge it. Ive just dealt with an estate the valuation date for which was during lockdown, and with extensive tenanted interests. The RICS firm arrived at their figure by a completely different methodology...
        07-08-2022, 18:40 PM
      • Inheritance tax Open Market Vakue
        by Bengt Lagander
        Is a red book valuation an "open market value"?

        the Red Book, the RICS manual for valuers, the open market value ("OMV") is the best price obtainable in a transaction completed on the date of death.

        Is this the correct definition please?
        07-08-2022, 11:33 AM
      • Reply to Inheritance tax Open Market Vakue
        by Neelix
        A written valuation for probate from an estate agent or 2

        then after it’s sold you need to declare the actual value it sold for
        07-08-2022, 12:54 PM
      • Reply to Inheritance tax Open Market Vakue
        by Gordon999
        For assessing property value for estate tax, you would approach 2 or more surveyor firms for their valuation and choose the one who gives the lowest valuation.
        07-08-2022, 12:45 PM
      • Reply to Stamp duty question
        by Kekdal
        Thanks everyone I took professional advise from a qualified lawyer who confirmed that in my case I can't enjoy a lower rate. I kind of knew the answer but was clutching on straws . My oversimplified interpretation based on his advise is: HMRCs logic is if you have more than one property you pay higher...
        04-08-2022, 09:18 AM
      • Stamp duty question
        by Kekdal
        Hi Gurus,
        I am trying to figure out if I need to pay the 2nd stamp duty.
        I am buying a property which would be my main residence.
        I currently live in a property that I pay rent for as a tenant.
        However I own another property which I had bought to live in and had paid the lower...
        03-08-2022, 09:53 AM
      • Reply to Stamp duty question
        by DoricPixie
        The manual is clear, Kekdal will not be able to claim a refund if the BTL is disposed of after purchasing the new home. I don't know the circumstances the other posters to which you refer but they cannot be the same as Kekdal's as they would not be due a refund.

        I don't think it would be...
        04-08-2022, 05:44 AM
      • Reply to Stamp duty question
        by jpkeates
        I used to believe that as well - the HMRC manuals are pretty clear about the situation in my view.

        Which made the surcharge rules a real trap for anyone who owned a let property (maybe for some years) and, who then wanted to buy a home of their own).
        But some people claim to have...
        03-08-2022, 13:42 PM
      • Reply to Stamp duty question
        by DoricPixie
        Kekdal won’t be able to reclaim the higher rate of SDLT. That only works when someone buys a new main residence whilst keeping the old main residence, pays the higher rate of SDLT and then sells the old main residence within 3 years of completing the purchase of the new main residence. Then a claim...
        03-08-2022, 12:57 PM
      • Reply to Stamp duty question
        by jpkeates
        It seems to depend on the timing.

        I used to think that if you owned another property which you let, you were just screwed, because of the second property thing (even if it was your residence you were buying).

        I've been advised otherwise, and that you would pay and reclaim....
        03-08-2022, 12:11 PM