Transfer of a let property

[smithyholborn]

My daughter owns a property with 90% beneficial interest. She is over 21 years of age. Father owns the remaining 10%. Ownership is as tenants in common. The property is let. My daughter wishes to transfer her interest in the property to her mother. Daughter does not want the money, resulting from the transfer. The property is worth approx £350k. The mortgage outstanding is £300 k.

Is stamp duty payable on such a transfer? Will capital gains be paid as well by daughter on any increase in the value of the flat (if any). Useful to do it now as CGT rates are low and expected to increase next year.

[maths]

The gift from daughter to mother precipitates a CGT charge on the difference between her original cost (of the 90%) and its market value at date of gift.

No SDLT arises on gifts; however assuming, as is usually the case, that the mother agrees to discharge the mortgage or indemnifies the daughter in respect thereof such is treated as consideration and an SDLT arises (based on 90% of outstanding mortgage).