Any tax liabilities on gift from husband to wife

T

truthseeker

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My husband and I both live in a property that I bought before we met. The mortgage is mine alone, only my name is on it.
I am considering making a lump sum payment off the principle on my mortgage (using some savings).
My husband has also offered to do the same (using some of his savings).

Is there any tax liability for me if he does this? Its effectively as though he is giving me a gift of money that will be used against the mortgage loan.

BTW - we only recently married and have not notified revenue or any other official body yet.
 
There is no gift tax applicable on gifts between spouses.

The only thing to look out for is whether a stamp duty clawback applies if you put him onto the deeds within 2 years of purchasing your property.
 
Nige said:
There is no gift tax applicable on gifts between spouses.

The only thing to look out for is whether a stamp duty clawback applies if you put him onto the deeds within 2 years of purchasing your property.
Click to expand...

Thank you Nige.

I purchased the property over 2 years ago, and no plans to put him on the deeds anyway.

The money will simply be a gift to me which I will use to pay off some of the principle on the mortgage.
 
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