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Where Taxpayers and Advisers Meet

CGT when adding names to property deeds BTL

agandhi605
Posts:2
Joined:Wed Jul 25, 2018 11:46 am
CGT when adding names to property deeds BTL

Postby agandhi605 » Wed Jul 25, 2018 12:01 pm

Dear all

We bought buy to let property in Year 2011. In the property deeds, Myself, my Mum & Dad (3 people).
In Year 2017, my sister’s name is added into property deeds (4 people).
Our intention is sell this property in the future.
My question is, when we complete the Tax Return for 2017-18, do we have to complete the CGT section? Or when we will sell property in the future?

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: CGT when adding names to property deeds BTL

Postby maths » Thu Jul 26, 2018 2:40 pm

There appears to have been a disposal to sister by each of you. Each of you thus exposed to a CGT charge on the gains arising on the gifts.

Whether actual liability arises and whether or not it is necessary to report the disposals depends upon the numbers involved.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: CGT when adding names to property deeds BTL

Postby maths » Thu Jul 26, 2018 2:40 pm

There appears to have been a disposal to sister by each of you. Each of you thus exposed to a CGT charge on the gains arising on the gifts.

Whether actual liability arises and whether or not it is necessary to report the disposals depends upon the numbers involved.


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