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house deeds
Comments
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I don't know much about CGT but the house is worth around £120.000 at most would my brother still be liable for CGT?0
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I have just ordered the title deeds on land registry!1
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That would depend on his share and the value of the house when he first went on the deeds.shazz75 said:I don't know much about CGT but the house is worth around £120.000 at most would my brother still be liable for CGT?1 -
it was around £30.000 from what I remember!0
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Therefore you are saying that 'putting his name on the deeds' was simply a 'devise' for your parents to get a mortgage. (Perhaps he was merely acting as guarantor?). The fact that he did not contribute to the mortgage suggests that there was never any intention that he should have any beneficial interest in the property. Therefore he cannot have any Capital Gains Tax liability as he does not own the property. He is merely a 'bare trustee'.shazz75 said:hi,no he didn't contribute towards the mortgage it was purely on it to help my parents buy a house!
You should still speak to a solicitor.2 -
I’m not sure what any of this means can someone help explain, thank you!0
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You probably don't want to share that info online.
You need to check with your mum what was arranged when she added your brother to the Title. It would be unusual to be Joint Tenants in this situation and I would have expected a Declaration of Trust to have been set up at that time, which would then be protected with the Restriction referred to above, but which is not on the Title. Mum needs to establish whether this was just missed off or whether owning as Joint Tenants was her intention.
The sooner this is resolved the better, to avoid disputes when she is no longer around to explain her intentions.2 -
There are two types of ownership under English land law; 'Legal ownership', and 'Beneficial ownership'. The legal owner is the person in whose name the property is registered etc. ', whilst the beneficial owner is the person for whose benefit the property is held. In most cases these are the same person. However a legal owner might hold the property for the benefit of another, the beneficial owner.shazz75 said:I’m not sure what any of this means can someone help explain, thank you!
Capital Gains Tax is only concerned with changes in beneficial ownership
Read this CG34300 - Bare trusts: introduction - HMRC internal manual - GOV.UK, especially Example 1.1
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