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Hi.That depends on the income levels of the individuals concerned because of the way CGT works. The probate value of the property or confirmation in Scotland is the cost for CGT purposes.Gifts between married couples or those in civil partnerships are tax neutral, ie no gain, no loss and the receiving spouse will take part of the probate value as the cost of their share.Gifts between unmarried partners are not tax neutral. The receiving partner will take part of the current value of the property as their cost for CGT purposes and that could give rise to a gain for the donor partner. Of course, there may not be much difference between the probate value and the current value of the property.Each part owner will be entitled to an exemption for the first £11,100 of their share of any gain. There are two rates of CGT, 18% and 28%. The rate or combination of rates that an individual will pay will be dependent on the level of their income in the tax year the property is sold and a gain made. If the sale occurs in 2015/16, one of the following scenarios will apply:1 If the sum of the individual's income and the net taxable gain is £42,385 or less in 2015/16, then all the taxable gain will be charged to CGT at 18%.2 If the individual's income alone is £42,385 or more in 2015/16, then all the taxable gain will be charged to CGT at 28%.3 If the individual's income alone is less than £42,385 in 2015/16 but greater than £42,385 when the net taxable gain is added, then part of the net taxable gain will be charged to CGT at 18% and part at 28%.I hope this helps but let me know if you have any further questions.
So, in practical terms we would need a solicitor to gain a "share" of the property?