capital gains tax

seanmichael

Hi there.hoping someone could help me out.myself and my partner bought our house in 1998 in joint names.we never got married but have 3 kids.I signed the house over to her last year because I had a rental property that is in serious negative equity 140k and I lost my job.afraid the banks would come after family home as we paid or mortgage off.just wondering does anyone know if she is liable for capital gains tax.thanks to anyone that responds.my solicitor that did the transfer said I just needed to pay stamp duty on the transfer

srsly78

Not allowed to ask property related questions here. Talk to an accountant.

Geuze

seanmichael wrote: »

Hi there.hoping someone could help me out.myself and my partner bought our house in 1998 in joint names.we never got married but have 3 kids.I signed the house over to her last year because I had a rental property that is in serious negative equity 140k and I lost my job.afraid the banks would come after family home as we paid or mortgage off.just wondering does anyone know if she is liable for capital gains tax.thanks to anyone that responds.my solicitor that did the transfer said I just needed to pay stamp duty on the transfer

CGT is paid/due on the DISPOSAL of an asset.

You may be thinking about CAT - Capital Acquisitions Tax - which may be due if somebody receives an asset by gift or inheritance.

barneystinson

Geuze wrote: »

CGT is paid/due on the DISPOSAL of an asset.

You may be thinking about CAT - Capital Acquisitions Tax - which may be due if somebody receives an asset by gift or inheritance.

Signing over your interest in a house is a disposal of an asset.

Howjoe1

THere is no CGT on the transfer of assets between spouses or civil partners.

That not being the case then CGT implications.

Geuze

barneystinson wrote: »

Signing over your interest in a house is a disposal of an asset.

Yes. But note that the woman received a share of a house.

And the question was posed, does she owe C G T.

The O P has disposed of his share.

But he did ask about the woman's liability for C G T.

I suspect he meant does she owe any C A T.

Mr. Incognito

Speak to a solicitor.

This is not one for online codology

Howjoe1

Mr. Incognito wrote: »

Speak to a solicitor.

This is not one for online codology

Speak to a solicitor and the they will only kick the CGT implication on to an accountant/tax advisor.

Mr. Incognito

Howjoe1 wrote: »

Speak to a solicitor and the they will only kick the CGT implication on to an accountant/tax advisor.

I am a solicitor. I wouldnt. Its a one line answer.

But its a property question and property tax advice is banned here for obvious reasons