My wife and I own a buy-to-let leasehold flat in Leeds as joint tenants. Can I remove my name from the title deeds so that my wife receives the full rental income? Would there be any tax implications for us such as capital gains tax (CGT) or stamp duty land tax?
Arthur Weller replies:
You can move the house from being owned in joint names, into her sole legal name. Since you are husband and wife (I presume living together), there will be no CGT. If there is no payment from her to you, and if there is no mortgage (or even if there is a mortgage, if the responsibility for the mortgage does not change) there will be no SDLT. See HMRC’s Stamp Duty Land Tax manual.