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Posted Sun, 13 Aug 2023 05:55:02 GMT by
I jointly own a UK property with my wife. I want to remove my name from the Title Deed and add my Daughter's name to the Title Deed as per Transfer of Equity. My wife is to retain her name on the Title Deed as is. So, the new Title Deed will have my wife's name and my daughter's name. No monies will exchange hands. The property does not have a mortgage. It is a Leasehold property. Current value of the property is approximately 150,000 pounds. I have been in touch with the Land Registry about this, and they advised that I should ask HMRC if any Stamp Duty/Land Tax will be payable despite no monies exchanging hands. So will any Stamp Duty/Land Tax be payable in this case? Also, will there be any Capital Gains Tax payable? The Land Registry has also stated that a "Land Transaction Return Certificate" will be required from HMRC to be submitted together with our application to the Land Registry. How do we get this Land Transaction Return Certificate from HMRC? Guidance will be highly appreciated as we are not clear at all on how to proceed.
Posted Wed, 16 Aug 2023 14:41:34 GMT by HMRC Admin 25 Response
Hi Malik Zahid Hamid,
You will be liable to Capital Gains Tax as it is still seen as a sale of your share irrespective of any mortgage or receipt of funds.
For stamp duty, please refer to:
Stamp Duty Land Tax
Or telephone 0300 200 3510.
Thank you. 

 

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