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Removal of tenant in common from title deeds: What is the tax position?

Question:

A property in Plymouth without a mortgage is jointly owned by a husband and wife (as tenants in common). There is a declaration of trust whereby the wife is 90 per cent the beneficiary of the rental income and of sale proceeds, and the husband receives 10 per cent of the rental income and any proceeds of sale. The wife wishes to be removed from the title deeds, leaving the husband as sole owner. What will be either party's tax position? From my understanding, there would be no 'chargeable consideration' as there is no mortgage in place. Both would not be liable to pay any capital gains tax (CGT) or stamp duty land tax (SDLT). 

Arthur Weller replies: 

When the wife removes her name from the title deeds, thereby leaving the husband as the sole owner, she is effectively transferring to the husband. Assuming they are husband and wife living together, there is no CGT on transfers between them. If there is no mortgage on this property, this is a transfer for no consideration, so there is no SDLT for the husband to pay. 

A property in Plymouth without a mortgage is jointly owned by a husband and wife (as tenants in common). There is a declaration of trust whereby the wife is 90 per cent the beneficiary of the rental income and of sale proceeds,

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This question was first printed in Property Tax Insider in August 2021.