Hi,
Currently my parents, brother and I own two properties. Both my parents and my brother are looking to remove their names from one of the properties, essentially the transfer of deeds will be gifted at no monetary value. It was bought to my attention by our solicitors that this may result in tax liabilities in particular capital gains tax.
Timeline of events
26/01/15 - property A purchased, four titles holders with equal rights, my parents, my brother and I
01/08/16 - we decided to split the land as their was substantial space to build a further property. We obtained the relevant approvals from the council and land registry. The land was split with the same title holders and same equity rights now also on the title deeds of the new land B
01/10/16 - Approval was received from local council to build a new property on this new land. Construction started and was completed July 2017.
Currently my brother and I reside in property B and my parents split their time between both properties. None of the properties have been rented out.
I'm seeking advice on whether if my brother and parents where to dispose of their rights of the property B would they be liable to CGT.
Also do they have the ability to decide which property is their main residence, as this could possibly result in avoiding any CGT on this current property
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