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Hello,
Have tried researching as best I can but have not come across this scenario.
Before I was married I purchased a property and lived in it for 5 years and rented it out for 5 years, ie am liable to CGT on 50% of the capital gains in that 10 year period.
I understand that gifts between spouses are CGT exempt but the gift is marked effectively at the original purchase price.
However, if I gifted this property to my wife and from the moment it was gifted it became her primary residence, ie for the whole time she was owner she lived there, at an eventual sale would she still remain liable for the CGT portion when the property when rented under my ownership?
Thank you
Have tried researching as best I can but have not come across this scenario.
Before I was married I purchased a property and lived in it for 5 years and rented it out for 5 years, ie am liable to CGT on 50% of the capital gains in that 10 year period.
I understand that gifts between spouses are CGT exempt but the gift is marked effectively at the original purchase price.
However, if I gifted this property to my wife and from the moment it was gifted it became her primary residence, ie for the whole time she was owner she lived there, at an eventual sale would she still remain liable for the CGT portion when the property when rented under my ownership?
Thank you