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Posted Tue, 26 Nov 2024 17:10:20 GMT by Slambert
When we bought our property in 2011 we added our adult daughter as a joint owner (joint tenancy). Due to unforeseen circumstances we have sold the property. The sale proceeds have been used to purchase a new property (this time our daughter is not a joint owner). She never lived in the property - she lived in a flat I had bought for her after she left college until she bought a property with her partner in 2021. Is she liable for CGT on her share of the original property.
Posted Tue, 03 Dec 2024 10:23:05 GMT by HMRC Admin 19 Response
Hi,
Yes, as she is classed as owner. It is now too late to submit a declaration that she had no beneficial interest in the property.
Thank you.
Posted Tue, 03 Dec 2024 10:41:53 GMT by Slambert
I wasn’t even aware that declaring no beneficial interest was an option! Is there no option to submit a late declaration here? And just to confirm that even though she only had a share of the family home she gets no benefit of that in the calculation of her capital gains tax liability? Thanks

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