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Sam, Accountant
Category: UK Tax
Satisfied Customers: 13917
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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14 years ago my parents moved to a bungalow. They had 80k of

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14 years ago my parents moved to a bungalow. They had 80k of proceeds from another property and my husband and I took out a small mortgage for 20k which is now paid off. Hence the property is in my husbands and my name. Idea was that the 80k value was to be split between my brothers and myself and addiitonally my husband and I received the 20k value as we had paid the mortgage. Now both parents are in carehomes and we are in the process of selling the bungalow. I understand there is a CGT requirement for my husband and myself after using our allowances. Question is even though my 2 brothers are not on the deeds of the property can I use their CGT allowances against the sale if he monies were intended t go to them?

Thanks for your question and asking for me.

I am afraid that the capital gain position will be just on you and your husband as your brothers were not on the deeds, so you get an annual exemption allowance for you and your husband (against your 50% shares of the gain made) but you cannot have those on behalf of your brothers.

Sorry the news is not better.

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