I bought my house in London eleven years ago in my name, and currently have a mortgage of £16,000 on it. The property is worth about £750,000. I have since remarried, and my husband lives in the property with me. We want to buy an apartment in Spain, so would like to take £150,000 of equity out of the house. I earn £12,000 a year so cannot get a mortgage; however, my husband earns £80,000 a year. Am I able to transfer £150,000 equity into his name so he can then get a mortgage? Will this have any capital gains tax (CGT) implications for either of us if I transfer it for the sum of £1?

Arthur Weller replies:
When you write that you want to transfer £150,000 equity of the house into the name of your husband, I presume that you mean transferring 20% of the house (currently worth £750,000) to him. If so, there is no problem in doing so, because a transfer between husband and wife living together is free of CGT: www.gov.uk/hmrc-internalmanuals/capital-gains-manual/cg22200. Since he is not taking over from you the responsibility for any current mortgage, the consideration for this transfer is £1, so no stamp duty land tax arises.