Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sat, 03 Jul 2021 16:35:10 GMT by keepongoing Rich
Mother, father and second son jointly own second property. Currently rented to tenants. No mortgage. First son has to move out from existing flat and will move in to that property when tenants leave. We intent to make over half our interest in the property to him. There will be no money involved. Is capital gains due? If so can it be declared on self assessement return? Or is there some other requirement?
Posted Thu, 08 Jul 2021 07:48:41 GMT by HMRC Admin 20
Hi keepongoing Rich

Capital gains may be due even when you dispose of an asset for no payment:

https://www.gov.uk/capital-gains-tax 

Any disposal or part disposal of the property that produces a gain must be reported within 30 days:

Report and pay Capital Gains Tax

Thank you.

You must be signed in to post in this forum.