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Posted Wed, 27 Nov 2024 13:05:26 GMT by Monkeygaarden
Hi I've recently transferred ownership of a mortgaged property which was joint owned with my now ex-partner. The transfer was done for zero consideration and completed at the beginning of November. She had a solicitor, whereas I did not, but used one for identification purposes and land registry. Do I need to let HMRC know? Are there any other tax considerations from my side now that this is complete? Thanks
Posted Fri, 29 Nov 2024 12:35:41 GMT by HMRC Admin 21 Response
Hi,
If this has not been your main residence, you may be liable for Capital Gains tax as it would need to be considered as sold at market value -
Capital Gains Tax: what you pay it on, rates and allowances.
Thank you.
Posted Fri, 29 Nov 2024 12:46:49 GMT by Monkeygaarden
Thanks. It was my main residence until about 6 months before the transfer. I was staying with family for a few months before the transfer but was my main and only place of residence prior to that. I don't own other property and moved into housing association property 6 months before the transfer.

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