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Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
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Experience:  Accounting and Tax Expert
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I am non-resident in the UK. My sister had transferred her

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I am non-resident in the UK. My sister had transferred her property (using TR1 form - with no monetary exchange) into joint names of my brother and me way back in 1998. Now I am transferring my share (33.3%) back into her and my brothers name using TR1 form. The transfere were not for money or anything that has a monetary value. Do I have to pay capital gains tax? I have not been resident in the UK since 1994 and have not made any monetary gains on this.
JA: What are the assets or property for this capital gain?
Customer: a residential house - my brother and sister live in it
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: no

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

Usually, CGT would apply on the transfer, if the property has gained in value during th period of retention.

Customer: replied 5 days ago.
I have gone through the questions on the GOV.UK site, how do I calculate the gain? I don't have any purchase documents. The most recent TR1 form to transfer my share back was made on 12-May-2022. The estimate for the whole property at this time was GBP 240,000, so my share GBP 80,000. They are also asking for the value at 5-April-2015. How do I get this?

You could use the Land registry value, Or hire an estate agent or valuer to give you a valuation during that period.

Customer: replied 5 days ago.
How do I get the land registry value? is there a website I can use? (I live abroad so not familiar with UK government issues)
Customer: replied 5 days ago.
Thanks. So the gain would be (current value - original value)? Or do I use gain = current value - value at 5-Apr-2015?

Correct - The current value - original price - 12,300

Below is a link to the  HMRC calculator:

https://www.gov.uk/tax-sell-property/work-out-your-gain

Customer: replied 5 days ago.
Thanks Mo, very helpful. I'll proceed on this basis and revert with questions if any.

You are very welcome. All the best.

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