Hi, appreciate your advise based on following facts:
Bought house in June 1986 for £50k inc costs, jointly husband and wife.
Occupied as PPR for nine years. Left UK for employment abroad in 1995.have been non-resident since.
Property let throughout and income tax paid annually.
Now wish to gift the house to daughter living in UK before we become tax-resident. There is no mortgage.
Current MV £450k. Property will continue to be let by daughter.
I understand the transfer will amount to disposal at MV and the taxable gain calculated from April 2015 likely in the region of £60k.
What will be the situation with CGT calculation in terms of:
Last 18 months gain as PPR
Letting relief
SDLT
Appreciate your views.
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