My partner and I purchased our residential home for £400,000 4 years ago and registered it with a 70/30 split in my favour due to me being able to pay more than her at the time. We now want to make the split 50/50 based on the same £400,000 purchase price. E.g at the time I paid £280k and she paid £120K (70/30) so she will now give me £80K to make it 50/50 (making it £200k paid by each of us over the piece)
Our solicitor will update the land registry to reflect the new ownership split but my accountant seemed to think this would have CGT implications. I’m surprised by this as it’s the home we live in and it’s all being done based on the original purchase price of £400,000.
Is it correct that there are CGT implications? Also, are there any other tax implications that anyone can think off in this scenario?
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