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TonyTax
TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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In the 1990's my name was added onto he mortgage on my

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in the 1990's my name was added onto he mortgage on my mothers house, mainly to extend the length of the mortgage reducing the repayments, about 2008 my mothers name was removed from the mortgage and the deeds transferred to myself, my mother moved into an almshouse, so we decided to sell the property, where do I stand with capital gains tax? when would the value of the property be taken from?
Submitted: 11 months ago.
Category: Tax
Expert:  TonyTax replied 11 months ago.

Hi.

Was your name put on the deeds when it was put on the mortgage in the 1990s?

Customer: replied 11 months ago.
I am pretty sure it was, For sure it is the only name on the deed now,
Expert:  TonyTax replied 11 months ago.

Thanks.

If you became a 50% owner in the 1990s and then the full owner in 2008, then the cost of the property for CGT purposes will be the sum of 50% of the value when you acquired it in the 1990s and the value of the 50% you acquired in 2008.

Assuming your mother continued to live in the property, the gift with reservation of benefit rules may apply. See the notes here and here.

If you have lived in the property during your ownership of it, then you will qualify for main residence relief for that period. See HS283 for information on the main residence and CGT.

I hope this helps but let me know if you have any further questions.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15883
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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