Good morning
Just received a TR1 from co-owners' solicitors. Currently four of us co-own a property. Two owners have decided to gift their shares to their three nieces and nephews. Given this results in 5 co-owners, a deed of gift has been drawn up expressing the sharing of the benefit between all 5 but only 4 owners can appear on the deeds.
However, my wife and I now appear on the TR1 as joint owners, not as tenants in common. I believe this has potential issues for inheritance as on death the share would pass to the other joint owner irrespective of wills but more for this forum, might the change in ownership have any tax impacts, CGT for example?
Thanks
T
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