I would like to make a non monetary transfer of full property ownership to my brother. My brother moved out of the UK and currently resides in Hong Kong. I currently have UK status. Can you kindly tell me if I would then incurr any taxes by doing this? The property in question is not my main residence and I bought the property in Dec 2005 at a market cost of £187,000 - I'm not sure what the current market price is but the transaction between myself and my brother would involve no cash. I only have a very tiny amount of mortgage left on the property and this can be easily paid off by me. Can someone kindly advise if I would incur any taxes or if I need to consider anything before doing so.
Thanks a lot!
Lisa
Transfer of ownership to brother - taxes due?
2 posts • Page 1 of 1
Transfer of ownership to brother - taxes due?
by mousetraped on Mon Jan 16, 2012 5:47 pm
- mousetraped
- Posts: 1
- Joined: Mon Jan 16, 2012 5:26 pm
Re: Transfer of ownership to brother - taxes due?
by King_Maker on Mon Jan 16, 2012 5:54 pm
Capital Gains Tax (CGT) could be due if there is an increase in value.
The absence of cash does not alter this - CGT is due on disposals not just sales.
The absence of cash does not alter this - CGT is due on disposals not just sales.
- King_Maker
- Posts: 4934
- Joined: Wed Aug 06, 2008 3:22 pm
2 posts • Page 1 of 1
TaxationWeb Limited (Registered in England No. 4571386), 6 Coleby Avenue, Peel Hall, Manchester, M22 5HH, United Kingdom
Information which you supply whilst using this website may be held in our computer records and may be used to send you information which we think might be of interest to you. If you do not want your information to be used for such purposes please write to us at: 6 Coleby Avenue, Peel Hall, Manchester M22 5HH, UK, or email us
Website by Dorifor Internet Marketing | Powered by phpBB
Dorifor Tax Group - our portfolio of tax sites:
