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Posted Thu, 27 Apr 2023 10:30:22 GMT by
I am looking for CGT advice on the following situation. In 2000 my elderly parents moved house and put my name along with theirs on the deeds of their new house. I only became aware of this 18 years later when my father died. When my father died my mother was the beneficiary of his estate. His name was removed from the house property deeds leaving my mother and my name on the deeds. I am now in the process of buying a home for myself and have come up against the potential issue that my name being on my mohters house deeds probably exposes me to the higher rate stamp duty because i alread 'own' another home. It has not been my home and have only lived there on and off for a few months over the past 23 years. In order to avoid the higher rate stamp duty I am planning to remove my name from my mothers property deeds with no money being invovled in the transactions. I have been advised that this could expose me to CGT. Is this correct? And if so how can i work out what i would owe as i would not benefit from the 'disposal'. Thanks. Rhys.
Posted Thu, 04 May 2023 13:43:21 GMT by HMRC Admin 5
Hi,
By being on the title deeds, you are seen as being an owner of the property.

However, you may not necessarily be the beneficial owner when it comes to rental income or capital gains. 

You can find guidance here CG10720 - Persons chargeable: beneficial owner

and in the associated links,

Thank you.

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