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  • Tax

    Taxes on residential house shared w/ brother

    Hi Guys

    hope you all had a good break..

    my self and Brother both chipped in and  bought a Residential property in 2008 on my Brothers solo name, we both lived there until  few years back.

    in 2014 we remortgaged and on joint names as joint tenants and we got some money out which i used my share to buy my second Buy to let.

    the residential house is now on both of our names but i have no Shares on it.

    i have two buy to lets and no residential (renting at the moment)

    and my brother have only the above residential house..

    he is looking to remortgage it and i would like to have my name off the mortgage / land registry

    Question is would we have to pay capital gains or Stamp Duty on this transaction

    Many thanks in advance.

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    Your brother would effectively be buying your share (impliedly then maybe basic SD plus 3% surcharge for the share involved) - and lender will doubtless want to re-evaluate his income v commitments before taking your name off mortgage.

    You personally will I assume be gaining from this transaction so potentially some CGT liability depending on the numbers involved

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    This is a complicated question.

    It is unclear when you received and when you lost beneficial interest in the property. This will have a bearing on the answer. You should seek expert advice before you just pay any tax.

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    Tax advisor and mortgage broker

    stuart@johnsonsca.com

    02039077022