Other Sports1 min ago
What Is Capital Tax Please?
14 Answers
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.
Answers
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), ...
16:21 Fri 24th Sep 2021
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.
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