We bought a property in Scunthorpe recently, among four family members each owning 25%. I no longer want to be part of this ownership and want to gift my share. We bought the property in January 2020. What is the easiest way to do this? Will re-mortgaging need to be done and will there be any tax to pay? 

Arthur Weller replies:  

I can't answer the question about re-mortgaging, but as far as capital gains tax (CGT) is concerned, when you gift your 25% share you are deemed to be selling it at today's present market value. If you only bought in January 2020 it is very likely that it has not gone up in value since then, so there should be no CGT liability. In respect of stamp duty land tax (SDLT), if the recipient(s) of your gift take over the responsibility you had for your share of the mortgage, they may have to pay SDLT. But it depends on the amount, and additionally the impact of this is likely to be reduced due to the temporary rates of SDLT.