My brother and I jointly own a property (mortgaged) in Liverpool, which has been rented out for the past six years. What are the tax implications (e.g., capital gains tax (CGT), stamp duty land tax (SDLT), etc.) if my brother gifted me his complete 50% share of the property, so that I become the sole owner of the property? I am a non-UK resident, and my brother is a UK resident.  

Arthur Weller replies:  

Your brother will have to pay CGT if the property is worth more today than it was when he acquired it, even if he gifts to you and you pay him nothing. As far as SDLT is concerned, if you take over your brother's half of the mortgage, this is considered equivalent to you paying him this amount, and SDLT is applied accordingly. Furthermore, since you are non-UK resident, there is a 2% SDLT surcharge for you to pay, more than a UK resident would pay.