Transfers between spouses

Hi all,

I was wondering if someone can help?

My understanding is that transfers between spouses are at no gain/no loss.

So what would the treatment of a husband transferring a property to his wife. His wife selling it and then giving the cash back to him after the sale (they had already agreed to transfer the cash back pre-sale).

My understanding was that it would simply use the wifes CGT allowance to offset the gain?

Thanks