Transfer of equity and cgt

[rks2018]

I'm thinking of transferring the current 50/50 share of equity as myself and my sister are owner as tenants in common, to 99 /1 share to myself.
If I do this once I pay off the mortgage quite easy to do? and secondly am I right in thinking I / we will not have to pay cgt till we sell the house?
I know I will have to pay more tax on income from lodger
At 40%.
My worry is that when I sell the house will the cgt be 28% for 99% of gain and 1% at 18% of gain if we are higher and lower tax rate payers?

[jerome.lane]

Whats the commercial rationale or background to you sister just giving you an extra 49% interest in the property or are you buying it from her or is it the other way around; you're not exactly clear?
There will be CGT due on the gift (and possibly SDLT) and not just when the property is sold in the future.

[rks2018]

Hello, the property was bought in joint names as I couldn't get the mortgage just in my own name due to earnings, sister has never contributed towards mortgage ect. I will pay off the mortgage this year. Just want to tidy up things as I will get married this year and a new arrival. Thanks

[rks2018]

There will be no money given to my sister at all. Thanks

[jerome.lane]

Then the property has arguably always been beneficially yours. There are issues with how HMRC might see this and the mortgage. You can always contact me for further advice as it needs more info for proper analysis.

[rks2018]

Hello, do you mean for me to Contact you via email? Thanks

[Jerome_Lane]

Hello, do you mean for me to Contact you via email? Thanks

Yes, or call me....

[rks2018]

Hello Jerome, can I call you today, when is best time for you? Thank you

[jerome.lane]

Sure, after 4 is best

[rks2018]

OK will call you just after 4pm today thanks