My brother and I jointly own a property where my brother lives, he pays the mortgage. I want to gift my part of the property to him without any benefit for me. Do we need to pay any capital gains tax (CGT)?

Arthur Weller replies:
The relevant point is that you are gifting an asset to a connected person, and any transfer to a connected person is deemed (for CGT) to be at present market value. If the present market value of the property is more than what you paid for it, you have to pay CGT on your half of the gain. However, if your gain is less than the CGT annual exemption (AE) (£12,000 for 2019/20) and you haven’t used your AE in the current tax year, you will have no CGT to pay.