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Posted Tue, 24 Dec 2024 14:02:00 GMT by Bryn
We are varying a declaration of trust in a property that is held as tenants in common to reduce the shares of 4 beneficiaries (15% -> 10% each) to increase the share of one beneficiary (40% -> 60%). I believe that this constitutes a part-disposal as a gift from each of the 4 beneficiaries that are losing 5% of their shares in the property, which may be liable for CGT. Can we use the "Capital Gains Tax on UK property" portal to report and pay CGT for part-disposals? If yes, do we work on the basis that the share we are disposing of ("How much of the property did you own?") is 5%, since that is the amount we are gifting?
Posted Fri, 10 Jan 2025 15:36:43 GMT by HMRC Admin 20 Response
Hi,
Yes you can use the property disposal form.
The amount you are gifting is 5% and your ownership was originally 25%.
Thank you.

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