Capital Gains Tax

[lawrenceh]

I own a house outright that we rent out. I want to gift half of it to my wife. Will this transaction be subject to Capital Gains Tax, as obviously I will not be receiving any payment ?

[anniebird]

Transfers betwen husband and wife are not subject to Capital Gains Tax.

[lawrenceh]

Thank you for prompt answer and a good one as far as I'm concerned ::-) Just as a matter of interest if we were not married, or the transfer was to my daughter, would Capital Gains Tax then have to be paid ?

[Tom Braider]

Yes, based on the difference between the purchase cost and the market value at the time of transfer. The fact that you don't actually receive payment doesn't matter.