HMRC Admin 5 Response

Hi Raymond Choi

There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.  
Further guidance can be found here Tax on savings interest
and Tax on dividends

Thank you

Hi

Once the transfer request is processed, your tax return calculation would be amended to include the transfer. It won't show until after the ta return has been submitted.

Thank you

Hi

You would need to declare the interest received but any tax due would be dependant on any other interest you have for the year as all your interest would fall under the interest savings allowance of £1000 or £500 if you are higher rate.

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Hi cooper

Yes, you need to complete page F2  for columns A and B, C is required if tax deducted and E if you want to claim foreign tax credit relief.

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Hi  DEB164

The no loss no gain only applies at the point of transfer and it is only when the item is then sold that the CGT arises.
This is not seen as anti avoidance as CGT would then be paid by the seller(s). what is then done with the proceeds from the sale is up to the individual.

Thank you

Hi Sarah Smith

You will both be entitled to claim annual exempt allowance, when calculating the capital gain.  
Both of you will need to report and pay the capital gains tax within 60 days of the completion date, otherwise penalties and interest will be applied.  
There is a calculator to help you work out your individual gains (Tax when you sell your home).  
You can save the calculated gain as a PDF file, before moving on to the next section, which where you each create your own capital gains account.  
After logging into your new capital gains account, you declare the figures shown in your calculation and submit the gain.  
You are then invited to pay the tax owed.

Thank you

Hi

No.  Only you are taxable on your income.  
You cannot transfer some of your income to your wife for her to be taxed on it.  
If your wife has no income and you are a basic rate taxpayer, your wife can elect to transfer some of her personal allowance to you.  
Your wife must submit the request.  Have a look at the guidance at Marriage Allowance

Thank you