A recent announcement by HMRC indicated that,”Where no money or other type of payment changes hands one can give away a property and there is no requirement to pay SDLT or file a return”
Our daughter recently married and we gifted her a property that had been our “buy to let” for several years. During the letting years it had significantly increased in value.
As it is now the newlyweds only and main home we are concerned that if ever they need to sell to to move home they would be burdened by the CGT liability generated by us during the years we rented it out.
Am I correct in assuming that they will be deemed to have received the gift property at the value we originally paid for the property, and not at its market price at the date of the gift.
If this is correct is there any way we can remove or mitigate their burden
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