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fransisco
Apprentice
Joined: 02 Apr 2005
Posts: 6
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 Posted: 03/09/08 - 06:51 Post subject: |
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| I have marriage problems with my wife and I decided to get a divorce. We already talked about this many times, so, it won’t be news to her. We own two houses, one in which we live and the other, guest house, which we rent. I am the legal owner of both houses, but my idea is to transfer one house to her. Am I liable for any CGT in that case? |
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eleen
Apprentice
Joined: 11 Jul 2005
Posts: 8
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| Posted: 04/07/08 - 23:23 Post subject: |
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| If you decide to go thru divorce process, you need to do that legally to avoid any CGT complications. Transfer of assets between spouses is completely CGT free even one year after separation. So, if you want to give her the house, you should finish all paperwork within one year of a divorce. It is also important that your wife has no other assets which could be considered as main residence; otherwise, she may be eligible for some additional taxes. |
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