The law dealing with the transfer of assets between spouses is a frequent query we are asked about. Firstly, this kind of transfer is exempt from Gift Tax, Capital Gains Tax and Stamp Duty. After a transfer of this kind, the cost deemed from subsequent disposals will be determined by the date which the spouse first acquired the asset, not when they transferred it to the other spouse. It is also worth noting that the transferring spouse may lose some if not all their Retirement Relief threshold in the event of a subsequent sale of all or part of the asset in question. This is particularly important in relation to business and agriculture transfers.
If transferring farm or business assets into a joint name, it is important you also discuss this with your accountant or farm advisor. You also need to consider if a joint transfer will impact on a State Pension entitlement of the spouse who is being added to the title.
You can contact McCormack Solicitors on
Email: info@carolmccormacksolicitors.ie
Phone: 071 9621846
www.carolmccormacksolicitors.ie
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