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Transfer part ownership to daughter
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Our online guidance explains how to transfer the ownership and in this case it would be a Transfer from the two of you to the three so forms AP1, TR1 and ID1 would be needed.
Note - it's not a transfer of part (form TP1) as that relates to transferring a part of the actual property/land. You cannot transfer a share so have to transfer the whole but if you then want to define who holds what % then you can do so as explained in the guidance
If the property is mortgaged then your lender's consent would be needed and they are likely to insist on your using a solicitor.“Official Company Representative
I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0 -
It's my understanding at least that the series of transactions rule does not prohibit use of annual exemptions to minimize CGT. However, if the value of a 90% share of a property isn't 90% of the full ownership, this is where you may come undone.
I don't really have any knowledge of how property shares are valued, but one possible route to avoiding this might be having some agreement in place were only 100% of the property can be sold, and the ability to market the property is determined by share majority voting.
You might want to consult a taxation specialist (accountant or chartered tax advisor) on this."Real knowledge is to know the extent of one's ignorance" - Confucius0
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