rhinofeet
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CGT on gifting a share of inherited property
My brother and I inherited equal shares of our mum’s house in Glasgow after she passed away about 10 years ago. The house has remained my brother’s primary residence and I have always lived away. The initial agreement was that my brother would buy out my half of the house, but it now looks unlikely that he will be able to do so. I am now in a position to purchase my own home: • On purchasing another property as my primary residence, would I be required to pay additional rate stamp duty if I retain partial ownership of the house in Glasgow? • If I give my half of the property to my brother (transfer of equity or otherwise) will I be liable for capital gains tax on my half of the property as it has not been my primary residence? Estimated current value £150k, value at time of inheritance £125k. I am resident in England. Thanks.