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Chrisl
20-01-2009, 18:00 PM
My colleague has a few houses he rents out and has also sold one this year.

He could be completely wrong but he thinks something with the rules has changed from 6 April 2008 about transfering some of the house to the wife.

There is a tick box on the tax software saying 'Spouse transfer before 6 April 08'.

Does anyone know what this means or what it relates to?

Thanks
jeffrey
20-01-2009, 18:20 PM
My colleague has a few houses he rents out and has also sold one this year.

He could be completely wrong but he thinks something with the rules has changed from 6 April 2008 about transfering some of the house to the wife.

There is a tick box on the tax software saying 'Spouse transfer before 6 April 08'.

Does anyone know what this means or what it relates to?

Thanks
Perhaps he transferred his spouse? [sorry, couldn't resist]
TaxationPete
20-01-2009, 18:22 PM
Great idea Jeffrey, exactly which box is it. Regards Peter
TaxationPete
20-01-2009, 18:40 PM
The box refers to 'Interspousal Transfers' that locked indexation before the change of the rules at midnight 05/04/08. Search on the HMRC web site for the announcements pre budget 04/08. This only effect those that owned properties prior to 31st March 1998. Regards Peter
jeffrey
20-01-2009, 18:42 PM
Great idea Jeffrey, exactly which box is it. Regards Peter
Found it! See http://www.landlordzone.co.uk/forums/showthread.php?t=7903, from post #41 onwards.
jeffrey
20-01-2009, 18:43 PM
The box refers to 'Interspousal Transfers' that locked indexation before the change of the rules at midnight 05/04/08. Search on the HMRC web site for the announcements pre budget 04/08. Regards Peter
More boring than Transfer of Spouse. Booo.
TaxationPete
20-01-2009, 18:57 PM
http://www.hmrc.gov.uk/cgt/faqs-cgt-reform.htm

But which box is it Jeffrey.

I went to one of those wife swooping parties where you all put you keys on the table, I spotted the Audi symbol on one of the key fobs and just could not resist, I left his wife there and took the car, great deal, so now a spouse transfer seems ideal, exactly which box is it that you tick. Regards Peter
mind the gap
20-01-2009, 19:03 PM
http://www.hmrc.gov.uk/cgt/faqs-cgt-reform.htm

I went to one of those wife swooping parties

:eek:It's worse than I thought. 'Wife swooping' ?

Someone should give give you two a firm kick somewhere painful to ensure you never swoop on anyone's wife ever again.
TaxationPete
20-01-2009, 21:15 PM
Sorry guys must have got over excited and too much swoopping and not enough swapping. DooooH.. Regards Peter.
Chrisl
28-01-2009, 17:46 PM
So should a no gain/no loss claim been made before 5 April 08 then?

You cant just tick the box in the return to say it was made can you?
King_Maker
28-01-2009, 17:55 PM
So should a no gain/no loss claim been made before 5 April 08 then?

You cant just tick the box in the return to say it was made can you?

It needs to have been in writing.

Can the supporting paperwork be produced? Back-dating would be fraud.
TaxationPete
28-01-2009, 18:35 PM
Nn, if the Transfer was done then the LR would have the date or there would be a dated 'Declaration of Trust' in place. If the property was originally purchased after March 1998 then indexation does not apply. Interspousal transfers are still available on a no gain no loss basis. Regards Peter
jeffrey
28-01-2009, 18:48 PM
Nn, if the Transfer was done then the LR would have the date or there would be a dated 'Declaration of Trust' in place. If the property was originally purchased after March 1998 then indexation does not apply. Interspousal transfers are still available on a no gain no loss basis. Regards Peter
HMLR normally retains (= does not issue) a Transfer deed once completed/registered. An official copy can sometimes be obtained (using form OC2) for £10. An individual applicant may need form ID1 to prove ID and entitlement.

NOTE: the date of a proprietor's registration is NOT the same as the Transfer's completion date.