Michael Anthony
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CGT when a gift is not really a gift
In 2009, my mother co-signed for a mortgage, so my brother could purchase a house from my father. My father has since passed away. From 2009 onwards, my mother had no involvement financially or otherwise with the property. My brother made all mortgage payments, paid for all upkeep of the property, etc. Two weeks ago, my brother made the final mortgage payment. The property was originally listed as Joint Tenants, but in May it was switched to Tenants in Common. My mother wants her name removed from the Title, but she seems to be facing a CGT. Is there any way to get around this? My mother had no other involvement other than co-signing the mortgage. Is there a place, a form, or a way to show that my mother's share of the property is negligible for CGT purposes?