Capital Gain Tax - Removal of Names from the Deed

Hi there, I have a lease-hold flat in London, jointly owned by my family of 4 (two sons and the parents) under the Right of Survivorship with no outstanding mortgage. Apart from the elder son who is a UK national/resident, the other three are non-resident of the UK nor UK nationals. We now want three of the non-resident names to be removed from the Title Deed without consideration (i.e. no money change hand) and let the elder son (a UK national/resident) solely own the flat. I would like to ask: a. Are the three persons whose names are to be removed from the Deed liable to any Capital Gain Tax given that the elder son's whose name is already in the Deed and that there will be no money change hand during the name removal? b. Do we still need to report to HMRC if no capital gain tax is due? Thank you."

Hi,

Yes, there would be capital gains implications as this is still seen as a sale as you would have a value at the time purchased and a value at the time of transfer. As a non resident, you need to report the 'sale' even if no tax to pay. You can see information here:

Tax when you sell property

Thank you.