Skip to main content

This is a new service – your feedback will help us to improve it.

  • RE: Capital Gain Tax of property as gift to relative

    Dear HMRC, Thank you for reply. What is the procedure of reporting the private residence relief? Do I need to do valuation of the property and calculate the gain/loss, then report to HMRC, then claim the relief? Or just directly tell HMRC using private residence relief for this property ?
  • Capital Gain Tax of property as gift to relative

    Hi, I am owing a property oversea as my current main home, and I will move to the UK in May and rent a flat during my stay in the UK. I would like to transfer my property to my parents and my sister as a gift (without any money transfer) when I am in the UK. I have read the Private Residence Relief, I would like to double check if I need to report and pay the Capital Gain Tax? I also like to know, after I transferred the oversea property to my relative, and I buy a property in the UK as my home. After a few years, I sell the home in the UK and buy another new home in the UK, do I need to pay the CGT as well? Thank you very much.
  • RE: Oversea landlord - Register for self assessment

    Hi, I have already applied for NRL by mail and approved. I received an email about the NRL application but no UTR for self-assessment received yet. Thank you !
  • Oversea landlord - Register for self assessment

    Dear HMRC, I am an oversea landlord. I would like to register for self assessment, but I cannot register it online because I don't have valid post code or National Insurance Number. Also, I started to receive rental income by June 2021, I need to send my first self assessment before 31 Oct 2022, right? Thank you very much.
  • RE: Property income to my wife and transfer of ownership to my wife

    Thanks ! I have called SDLT department about my case. They confirmed that no transaction of property is made, then no SDLT is required. That mean in my case, I just need to declare transferring the right of all or part of the income to my wife by a valid declaration or deed of trust without transferring ownership and no need to pay for SDLT even with outstanding of mortgage.
  • RE: Property income to my wife and transfer of ownership to my wife

    According to "If the larger share is given outright as a gift "If you get property as a gift you won’t pay SDLT as long as there’s no outstanding mortgage on it. But if you take over some or all of an existing mortgage, you’ll pay SDLT if the value of the mortgage is over the SDLT threshold." In addition to my question, my wife will not take over any of the existing mortgage. Is it true that she doesn't need to pay any SDLT?
  • Property income to my wife and transfer of ownership to my wife

    Hi, I have some questions on my buy-to-let property. Background: 1. Property purchase price GBP 280K 2. Outstanding mortgage: GBP 200K 3. I am the sole ownership of the property and mortgage 4. My wife doesn't own any property in the UK and outside UK Questions: 1. Without changing the ownership of the property - Can I declare all the income or part of the income (e.g.90%) to my wife with valid declaration of deed of trust 2. If changing the ownership of property is required for declaring the income to my wife - According to https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property#if-the-larger-share-is-given-outright-as-a-gift > The current SDLT threshold for residential properties is £250,000. This changes on 1 October 2021 > Property purchases from 1 October 2021 :The SDLT thresholds will be: £125,000 for residential properties - I have asked the bank that even I change the ownership of property, I can still be the sole holder of the mortgage -If I change the ownership to my wife before 1 Oct 2021, the outstanding mortgage is less than £250K threshold, is it correct that I don't need to pay for SDLT? - If I need to pay for SDLT, what is the rate of the SDLT as my wife is first time buyer , but it is BTL property. 3. If I transferred 50% ownership of the property to my wife, can I declare 100% of the income belongs to my wife through deed of trust? Thank you very much for your help.