Postby AGoodman » Wed Feb 09, 2022 1:44 pm
GROB is a tax deeming provision. More particularly it is an inheritance tax concept, it does not apply for capital gains tax.
If you are the joint owner, and nothing else was agreed, then you would likely be considered as 50% beneficial owner by default. That's a fact of law.
The GROB rules deem the whole to remain in your father's estate for inheritance tax purposes - i.e. when calculating inheritance tax. That doesn't change your actual interest in the property.
If you transfer your interest back to your father, that is a disposal of your interest for CGT. It is deemed to take place at market value (both because it was made at an undervalue and to a connected person).
You've posted a link to some other advice given to a different person in difference circumstances. We don't have all the facts, but we do know that that individual appears to have lived with their parent whereas you live 250 miles away. The difference is likely to be that he could claim PPR on the transfer back, whereas you can't.
I'd strongly recommend you get some proper - paid - advice on this as the area is not straightforward and you can't decipher the answer to your particular problem from other's views which may have different facts. There may be other important facts that you haven't mentioned here because you don't realise their significance. The price is well worth paying to avoid additional tax or triggering unnecessary tax by taking the wrong action.