I have a situation where a lady has inherited a property.
She and her husband are looking to move from Australia to live in that property.
Can I assent the property to both the beneficiary and her husband. I understand that there is no capital gains on a gift between spouses. Or do I need the wife to make a gift to her husband .
Many thanks for your help
Include the assignment of a half share from w to h in the assent.
If they are currently living in Australia, and are tax resident there, they might need to take tax advice there before contemplating a gift of a share in the house to the husband.
I’m not sure that the CGT relief (transfer on a no gain/no loss basis) applies if the parties are not UK taxpayers.
For UK tax purposes, the matter could be overcome by use of a deed of variation but, again, they would need to consider the Australian tax implications.