CGT Query

SpeedSouth

I've posted in the benefits https://forums.moneysavingexpert.com/discussion/6324687/cgt-and-tax-credits/p1?new=1  forum as well, but maybe in this one will get a different view on the CGT aspect.

Currently I am on the deeds with a property bought with my parents years ago.  I've never received any of the rent on this property so not declared any interest on a tax return to this point in time.  The theory is that this year I will come off the deeds, so I imagine realising a gain so liable to CGT.  My parents will ultimately pay the CGT amount as I am not due any of this at this stage.

Regardless of this fact, do I assume that we both need to complete a self assessment declaring the gain, or on mine could I declare zero gain, based on the fact I will not actually see this amount?

*edit* In order to maximise our individual CGT allowance, can we declare each our own portion of ownership, so in effect I'm only putting in a CGT amount of 50% of the gain?
Thanks

Jeremy535897

If you own half the property, you should receive half the net rent and half the proceeds, and pay tax appropriately (and within 60 days of the transfer). Is there a mortgage? Why are you on the deeds? Do your parents declare all the net rent? If so, why? Depending on the amounts involved, you may have been obliged to complete tax returns for years gone by.

I see from the other thread that you have received from calcotti some comfort about the benefit situation. I agree that you should have no benefit issue with the capital gain, but if you should have been receiving rent, that is a different matter. For that reason, I will copy this post to the other thread.

Jeremy535897

I see from the other thread that there is an issue. It may be wise to seek professional advice, as there may have been underdeclaration of income over several years.