Phil Edwards
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RE: CGT liability following transfer of equity
My situation is virtually identical. In 2012, I helped my daughter buy her home. She was only 22 years old at the time. In order to get a mortgage, I had to be 50% listed on Land Registry and be the guarantor and joint mortgage holder. The mortgage was an interest only type. My daughter made all the repayments. I have had no other responsibility for the house and my daughter has managed all the financial responsibilities. We have now reached a situation where my daughter needs to change mortgage and as I have joint responsibility for the mortgage I settled the account. The property is now mortgage free. I want to take my details off the Land Registry. There is absolutly no financial gain for me. I feel I'm just doing the right thing and taking my name off the title deed giving my single daughter total autonomy for the property. Do I have any liability for Capural Gains Tax?