Triggering CGT

Hi My question is this If two parcels of land have the same joint /tenants owners ,so four joint owners on both If one tenant removes there name from one parcel of land leaving three names on the deed so that’s ABCD becomes ABC and a different tenant(not the tenant that’s been dropped from the previous deed is removed from the other parcel of land so that would be owned by BCD So ABCD land split becomes, Parcel 1 ABC owned Parcel2BCD owned If parcel 2 had multiple buildings on it and parcel 1was just grass land wouldn’t there be a value difference triggering a capital gain on the transfer /deed name removal?? Thanks!

Hi
The differing values of parcel 1 and parcel 2 is not relevant.  
If there is a gain arising, after costs and annual exempt allowance are deducted in either case, then the remaining amount will be subject to capital gains tax.

So if I drop my name of 10 hectares that’s got a building worth double what 10 hectares on it and the other person drops there name of the other 10 hectares of land without a building on it I would be liable for capital gains tax as I would have effectively signed away my joint ownership of a building?

Hi,

You would both be liable for the selling of the land irrespective of a building being on it.
that would just increase the value at disposal  .

Thank you.

Ok thanks