Property transfer

[Fourfield]

Hi all, first timer here. My husband is wanting to transfer half of his rental property to me so that we are both on the title deeds. I cant seem to find a definitive answer as to whether stamp duty is payable on the transfer even though no money is changing hands.
We jointly own our home that we live in so I would technically be a 50% owner of a second home. Can anyone shed any light on what the stamp duty implications might be or has had ecperience of a similar transaction.
Thanks so much.

bump

You can be added to mortgage deeds without actually transferring half of property, a standard form restriction can be added to title stating it can be sold without your consent so protects you from him selling from under you

You need a property lawyer

Is there a mortgage on the property? If not, it can be given as a gift without SDLT. If there is, SDLT is calculated on 50% of the remaining mortgage.

Superdupernoba is right about the mortgage part, BUT I thought gifts between spouses are exempt from CGT?

Transferring property to a spouse or civil partner
You can transfer a property to a husband, wife or civil partner without incurring a tax bill, even if you already own a home.

This only applies if:

You aren’t separated
Have lived together during all of that tax year

www.thetimes.co.uk/money-mentor/article/gifting-property-tax-implications/

Oh eff, sorry! Getting my taxes confused. Ignore me, I know nothing!!!

Superduper is correct. There is no relief from SDLT between spouses unfortunately. I would pay an accountant or solicitor to deal with the computation though.

If the property is mortgage free then there is no stamp duty due between gfting to a spouse, a common tax planning exercise reguarly undertaken. If however there is a mortgage and the mortgage is above £80,000 then stamp duty would be payable unfortunately. I have this situatuation with a rental property owned by my husband, we can't make it joint without me paying the stamp duty levy for a second property unless the half of the property mortagge I would be taking on was below £40,000 for my share. Even though funds wouldn;t exchange hands its the 'consideration' see links. I have had this verified by tax accountant and solicitor. So if and when we can afford to reduce the mortgage to below £80,000 (my share being below £40,000) at that point we will make the property joint.
www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property
www.gov.uk/stamp-duty-land-tax

Thanks for the replies so far. There is a mortgage on the property and the half that I would be taking on is below the £250,000 threshold so wondering if we would still pay the stamp. Its such a complicated area and the solicitors/accountants I have spoken to all have different opinions. I really appreciate the help from you all. Am hoping to find a definitive solution!!!!

Up to £250,000 is zero for your main residence but 3% for second homes. The value being transferred to you would need to be below £40,000 for no stamp duty to be due.

The response I gave before is 100% correct. If you read through the links from gov.uk I provided in my last post the evenidence/answer is there. I am a financial adviser and I have checked out the exact scenario for myself personally and consulted accountant and solicitor (who referred to their specialist property tax adviser). You would have to pay stamp duty in your scenario at the higher rate as a second property.