Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Capital gains tax definition

What does Capital gains tax mean? Capital gains tax (CGT) is the tax on the profit (chargeable gain) realised when a chargeable asset is disposed of, for example by sale, gift or exchange of shares, land or a business. The concept and computation are statutory: in the UK, principally the Taxation of Chargeable Gains Act 1992; in Ireland, the Taxes Consolidation Act 1997. CGT primarily applies to individuals and trusts. In the UK, companies do not pay CGT; their gains are within corporation tax. In Ireland, companies are generally taxed on chargeable gains under corporation tax, typically at the CGT rate. Key features include an annual exempt...

Advising on the family home: co-ownership, CGT (PPR, non-resident, reporting), ATED, IHT (RNRB), estate planning (GWR/POAT)

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Practice notes

The family home represents a significant asset for any individual. Key considerations include:

how it ought to be owned;
the applicable tax treatment;
which estate planning avenues are available and their tax consequences.

Co-ownership

For many married couples, civil partners or cohabitees, the family property is typically the most valuable holding. As a rule, co-ownership should be weighed up unless there are particular reasons—personal or tax driven—for placing the title solely in one person’s name. In law, co-owners always hold the legal estate as joint tenants, so HM Land Registry records the legal title jointly. Nevertheless, the beneficial or equitable interests may take the form of either a joint tenancy or a tenancy in common.

Joint tenancy

A valid joint tenancy requires the presence of four ‘unities’: unity of title; unity of time (the joint tenancy must begin and end on the same date for all joint tenants); unity of possession (each joint tenant enjoys equal rights to occupy the whole); and unity of interest (all hold equal interests). Where a property is owned as joint tenants, each co-owner holds an indivisible...

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Web page updated on 21/05/2026

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