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Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 230
Experience:  ACCA Diploma
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Is it legal for joint property owners to change from 'joint

Customer Question

Hi, is it legal for joint property owners to change from 'joint tenants' (50/50 split) to 'tenants in common' with say a 95/05 split, to reduce the CGT liability in a transfer of equity?
Submitted: 15 days ago.
Category: Tax
Expert:  Expert Lu replied 15 days ago.
Hello
I am an expert with JustAnswer and I am happy to assist you with your question. It is very possible as they are no strict rules , you can choose what ever split suits you.
Please kindly feel free to ask if you need me to clarify my answer.
All the best *****
Customer: replied 15 days ago.
Hi Lu, thanks for your reply but yes, could you clarify a little please? Could or would this be seen by HMRC as tax avoidance? And would the owners have to justify such an equity split to the HMRC?
Expert:  Expert Lu replied 15 days ago.

Hello

you are most welcome , it is not seen as tax avoidance , it is legal to change from joint tenants to tenants in common .

I hope that answers your question.