My client purchased a house four years ago and has lived there since then. In order to secure finance, he had to purchase it in joint names with his mother(age 71), who does not reside in the property. He now wishes to sell the property. Can residential property CGT exemption be claimed on the full sale price, or is his mother liable to CGT on 50% of the sales proceeds? The loan on the property has now been paid off, so his mother could transfer her 50% share of the property to him before he sells it. Would she be liable to CGT on the value of her transfer?
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