DaddyPaul

Hi there, Does it make any difference if the two owners are not husband and wife? For example if a father and son want to change their joint tenants to 99% and 1% Tenants in Common. Is the GST still not applied in such change? Thank you.

Hi there, I have a couple of questions relating to Capital Gains Tax resulting from a change of ownership or the withdrawal of names and would appreciate receiving your advice. a. I bought a flat some years ago and put my family members (me, my wife and two children) on the Title Deed in Joint Tenancy. Now we want to give a majority of the ownership of the flat to my elder son who has been residing there. If I change my Joint Tenancy to Tenants in Common, and my elder son now gets 90% ownership and the other three keep the remaining 10%, would there be any Capital Gains Tax due by the three family members who give away part of their ownership to the elder son? b. Alternatively, if we (the three of us) want to give the full ownership to my elder son, I understand that there will be Capital Gains Tax resulted from this “deemed disposal” by three of us, although no money will be changing hand. As I was the only one who contributed 100% to the purchase of the flat, can I elect to repost all Capital Gains (or loss) according to the HMRC Manual GC70523 which says: CG70523 - Land: disposal by joint tenants Where land held by joint tenants is disposed of, each tenant is entitled to an equal share of the net sale proceeds. This rule applies even if the joint tenants have not contributed equally to the cost of acquiring the land. The chargeable gain, or allowable loss, arising on the disposal should be computed on this basis. However, if the joint tenants divide the proceeds in accordance with their contributions to the cost of the land, that division should be accepted for Capital Gains Tax purposes, provided that all the joint tenants signify their agreement in writing. Does it make any difference if the three of us are non-resident of the UK while the elder son who is taking over the ownership is a UK resident? Thank you very much and I look forward to receiving your advice. Best Regards, 

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