• Transferring My Share To Wife: SDLT Liability

    By Guest on 23rd Feb 2017

    Me and my wife equally own a BTL property valued at 295000 with an outstanding mortgage of 173000. I want to transfer whole of my share to my wife as gift to reduce my income tax liability and she will not pay me anything in return. Will any SDLT be payable and how much?

  • 1 Answers

    By Guest on 23/02/2017

    The "consideration" (purchase price) for SDLT purposes will be half the mortgage debt, so £86,500. This is below the SDLT threshold of £125000 however if either of you (alone or jointly whether with each other or a third party) owns a another property and yours and/or your wife's share in that other property is worth £40,000 or more then SDLT will be payable at the Higher Rate, so the liability would be £2595 (3% of £86,500)

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