CGT on residential property gifted from mother

[agandhi605]

Hi,

I have a residential property bought in 2011 for £365,000. It was bought jointly in my name 50% (AG) and my mother 50% (UG). This is AGs primary residence. It is NOT UGs primary residence.

The property will now (2018) be transferred completely into AGs name. There will be no consideration given (no cash/goods to change hands). The value of the property is now £450,000. There has been an increase in the value of the property by £85,000.

Is my mother (UG) liable to pay any Capital gains tax on her share? Or is it exempt as it is a gift? Or is it exempt as it is a residential property?

Am I (AG) liable to any other taxation?

Many thanks

[maths]

Is my mother (UG) liable to pay any Capital gains tax on her share? Or is it exempt as it is a gift? Or is it exempt as it is a residential property?

Yes; no; no.

Am I (AG) liable to any other taxation?

Possibly IHT if mother dies within 7 years of making gift but on figures unlikely.