What Is Capital Tax Please?

[curlygirlies]

Sorry I don't know which section to put this in. My partner and me live in his house which he got from his gran in her will. There is no mortgage. We are getting married next year and he wants to put me on the deeds as joint owner once we are married. A girl at work says if he does this I will have to pay something called Capital Tax. What is this please and is she correct. The house is a small terrace valued around £90,000. Thanks.

[dannyk13]

https://www.gov.uk/browse/tax/capital-gains

[bobbinwales]

Capital Gains Tax if your in UK? Am not sure why your workmate said it would apply in your case

[ToraToraTora]

there is no such thing, I assume you mean Capital Gains Tax?? ... your work friend is talking ***, CGT is not payable for your primary residence and as you will be spouses there is no problem.

[curlygirlies]

Yes England. She says she knew someone who had to pay this tax. I'll take a look at the link thanks x

[THECORBYLOON]

TORATORATORA, could you not just have stated the friend was mistaken rather than using a mangled version of an obscenity?

[AuntPG]

The Tax is called Capital Gains Tax but don't worry because it's not applicable to your situation as you do not pay CGT on gifts from one spouse or civil partner to another. Your partner putting you on the deeds of your home is classed as a 'gift' even if no money changes hands. Some people do have to pay CGT when they dispose of property and shares (gift,sell,etc), its complicated and not relevant to your situation.

[Peter Pedant]

// Am not sure why your workmate said it would apply in your case//

isnt married and not primary residence probably....

[Peter Pedant]

No she is not correct
my answer above is not correct and I have asked for it to be taken out
It is his primary residence
and when he transfers to you after marriage it is a transfer between spouses that does not attract CGT

[Peter Pedant]

mods asleep again - too busy modding non PC threads I suppose

answer at 0843 is wrong - only applies to a house that you inherit whilst living elsewhere ( second house) - sozza AND you keep for a few years. double sozza - must read the question

[curlygirlies]

Thank you for the replies and the link. My work mate knows nothing about Tax I think she was just being annoying.

[Peter Pedant]

yeah really sorry about that one
shouldda read the question more than once

I am a naught naughty boy