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Posted Thu, 21 Nov 2024 15:55:49 GMT by Ian Clayton
I have lived in a property continuously since 1997. There is no mortgage attached and the deeds are in my name alone. My partner, with whom I have a child, has lived with me here continuously, since 2006. Neither my partner nor I own or have part ownership on other properties. I wish to add her name to the property deeds so that we are "joint tenants". My understanding is there may be a capital gain arising on the transfer of the share to your partner. I have used HMRC's Private Residence Relief calculator which states that no CGT tax is due as it is my main residence. Given these details can you confirm and advice on any future tax implications? Kind regards, Ian
Posted Wed, 27 Nov 2024 10:55:58 GMT by HMRC Admin 18 Response
Hi,
You are correct, as you have lived there as your main residence for the whole period of ownership, no capial gain tax arises, as the personal pension relief covers the gain.
Thank you.
Posted Thu, 28 Nov 2024 17:26:51 GMT by Ian Clayton
Many thanks for your reply. Can I just confirm that you meant PRIVATE RESIDENCE RELIEF as opposed to Personal Pension Relief? Kind regards, Ian
Posted Wed, 04 Dec 2024 12:35:40 GMT by HMRC Admin 17 Response

Hi ,
 
Yes .

Thank you .

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