Buying second home and transferred old house to my BIL and sister

[RobBaker]

I own a house with my brother in law. We all live in the house (me, my brother in law and my sister) it is my main residence.
I want to buy another property and transfer my share of the first house to my brother in law and sister. If I 'gift' my share of the first house will there be any capital gains tax to pay after I buy the second property.

Or what is the best video way to do this.

I can’t get my head round this arrangement. I’d speak to the solicitor dealing with your purchase. They’ll know the answer

Sorry if it sounds complex. Basically I just need to know if I pay capital gains tax on my main residence of I own another property.

So if a person owns two properties. And they sell one (which is the main residence) will that person pay capital gains tax.

Any transfer of a property including a share of a property is considered a 'disposal' which clearly it is if you think of it without emotions. So yes, it attracts a fee payable to inland revenue. I will leave others to state what the name of the fee is and who needs to pay it (you or your sister).

But, where is your spouse living in this arrangement? Once I know, I can opine on CGT in this set up. Over to you.