Voluntary removal of one Joint Owner in a BTL house

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    Voluntary removal of one Joint Owner in a BTL house

    I own a BTL house with my two adult children as Joint Owners (tenants). I wish to remove my name from the Land Registry record. What would be the Tax implications of such action?

    #2
    It would be a CGT "event" for you because any gain would crystalise.
    I don't think they would have any tax issue.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #3
      jpkeates, thank you for the response. Would there be any stamp duty payable? If i die within 7 years would there be any Inheritance tax due.

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        #4
        One small matter ,I assume that the property is unencumbered , if not the lender would have something to say.

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          #5
          Originally posted by Andy1980 View Post
          jpkeates, thank you for the response. Would there be any stamp duty payable? If i die within 7 years would there be any Inheritance tax due.
          Yes, there's a change in the title, so SDLT would be payable (I think on 1/3 of the cost).

          And, again, yes.
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

          Comment

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