Property tax

[TheAdeptBee]

Hi All
My name was added to the deeds of my parents property when I was 18 and I lived with my parents until about 4 years ago (I am 40 now). Since I never purchased the property and my name was added, when the property is sold, will I have to pay capital gains on it? I only have a 33% share.
Thanks,
Evlyn

You may need to post this on the Legal forum where they have solicitors regularly posting. Unless anyone comes along who knows the answer to this.

If you legally own a 33% share then yes you will pay tax on the gain when disposed of. However, you will get private residence relief for the time you actually lived in it, plus the last 9 months(from memory) so the gain may be quite small. Annual exempt amount is £3k

If it was gifted to you, as it was from a parent, then the base cost will be the market value at the time they gifted it to you.

It may also depend on when you moved out was it rented out?

Yes you will. The rules around CGT are likely to change in the forthcoming budget so keep an eye on the new situation. Not much point in looking at the current position unless you’re planning on selling in the next couple of weeks