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CGT on property disposal if no money changes hands

Posted Tue, 16 Jan 2024 11:42:28 GMT by
I need to have my name removed from the deeds of a property I once owned with a previous partner. No money will change hands. Will I (or the other joint owner) be liable to CGT at all? The property was was purchased for around £110K approximately 25 years ago - I would guess the value now is around £160K.
HMRC Admin 20 Response
Posted Thu, 18 Jan 2024 11:13:01 GMT by HMRC Admin 20 Response
Hi 
It is possible CGT will be due as you no longer own your share this would be seen as a sale.
You would need to contact HMRC direct as further information would need to be obtained in oder to give a definitive answer. 0300 200 3310.
Thank you.

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