Hi
I need some CGT advice.
Some Background The title deeds to my property have my mothers and my name. My mother does not reside with me, I had to have her on when I bought the house for the income multiples.
I am planning to remortgage my house and move to another lender for more or less the same outstanding mortgage amount.
My question.
I want to remove my mum from the property title deed (I have her agreement) and add my wife. Is there a CGT implication for my mother ?
Thanks
Aaron
No. Well, not necessarily. She may have been a paper co-owner but it's likely that you were the benficial owner all along, and she was really little more than a guarantrix.
In message , Ronald Raygun writes
'guarantor' is not gender specific.
I will now have nightmares about drawix, payix, mortgagtrix.............
Isn't it? It has a nice ring to it, though, like executrix.
I'd worry more about getting sex
and gender mixed up.
Thanks for the reply, another point I have is but how does the inland revenue know that you are remortgaing and the title deeds are changing? is it the building society/bank that passes on that info ?
Aaron
They don't usually know or care that you're remortgaging, and a nominal change of title to help facilitate a remortgage is usually of no tax consequence.
In message , Timothy Lee writes
Yes.
You will have. "Executor" IS gender specific which is why I omitted it from the above list.
The changes will have to be recorded at the Land Registry.
Any tax liability is the responsibility of the taxpayer(s) - including notifying the IR of chargeability. Interest, penalties and (possibly) jail await the evader.
Hmm, guarantress doesn't sound too bad either.
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