how can we minimise CGT on gift to son?

[JOHNRE]

In 2014 we bought an apartment in my wife's name. (She is a non-taxpayer). For the past 2 years our son has lived there, rent-free. We are looking to sell the place in about 6 years time and are looking for advice on how to minimise CGT at the point of sale. We are more than happy to gift a share of the property to the son, possibly even all of it over a period of time. My wife is also happy to gift me a share if this reduces CGT. Are we right in thinking that, if for example, she gifted him a 50% share right now, he would not be liable for the increase in value of his share in the next 6 years because it would have been his Principal Private Residence in that time?

Any advice on what best to do, and the potential timescales, would be most appreciated!

John

[Peter D]

What gain has the property made since you purchased it. ? Regards Peter

[JOHNRE]

Peter, thanks for your reply. The flat was bought for £242K in April 2014 and is probably worth £255K now,,,,,,,