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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
Posted Fri, 06 Dec 2024 14:08:21 GMT by HMRC Admin 19 Response
Hi,
It cannot be applied retrospectively, so if it has now been sold, she still needs to declare her share of any gain.
Thank you.

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