Beardysuhz Beardy
-
Capital Gains Tax on Gifting Property with a Declaration of Trust
I have a buy to let property that was purchased in 2006. I purchased this property under my name but it was purchased on behalf of my nephew. I am the legal owner as per land registry but I am not the beneficial owner. The actual beneficial owner is my nephew. I want to update the Land Registry records for the property to remove my name and add my nephews name so that the legal owner is aligned to the beneficial owner. I wanted to confirm if any CGT is required to be paid if I update the land registry records.