Transfer of Property to Spouse - Land Registry?

Transfer of Property to Spouse - Land Registry?

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Prior to a substantial Capital Gain my client is giving half the property to his wife. Hence two CGT exemptions and lower rates of tax.

Solicitor has asked if its necessary to register transfer to wife at Land Registry? Shouldn't he know the answer? I would have said - do a complete transfer to be safe.
Dean

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By michaelblake
25th Aug 2005 17:28

beneficial ownership is important

cgt is concerned with beneficial ownership rather than legal title and therefore as long as the gift between husband and wife has been properly documented by way of a deed there is no requirement from, a cgt perspective, that the title should change.

If however the title is already registered at the land registry changing the title to the joint names should be a straightforward matter and it may be prudent to register the wife as a new joint owner so that everything is being done that would be done between third parties and to avoid unecessary questions from HMRC.

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