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Where Taxpayers and Advisers Meet

Transfer of equity

rks2018
Posts:63
Joined:Sun Sep 16, 2018 1:27 pm
Transfer of equity

Postby rks2018 » Tue Dec 24, 2019 9:50 am

Hello , I have a property jointly owned with my sister.
Currently she has to lodgers she lives with in the property.
I would like to clear the mortgage in October and then transfer equity from 50:50 to 99:1 with me owning 99% share . At this point if I'm right I would have to pay most of the rental tax at 40% .tax .Can I do this transfer myself ?Do we need to instruct solicitor ?
Also as we are not selling we dont have to pay CGT yet ?
Thanks for advice .

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Transfer of equity

Postby pawncob » Tue Dec 24, 2019 5:04 pm

Search " change property share".
Read the last para.
https://www.taxationweb.co.uk/forum/viewtopic.php?f=10&t=53386&p=196114&hilit=changing+property+share#p196114
With a pinch of salt take what I say, but don't exceed your RDA


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