Daughter lives with us, will she have to pay CGT?

[sunny2016]

Hello

We have 4 properties.

The main home bought by us a few years ago.

My question is, when our daughter inherits our home ie in joint names me and my other half, as she has lived here since we bought the house, and has no property of her own, will she have to pay CGT when she sell, EG a few years after she gets the home and assuming an increase of value by 100k?

I'm aware re IHT limits and what will happen to our rental properties but it's the main home we are considering leaving her.

I have searched the net for a long time but no clear answer

Many thanks

[maths]

Living in your home is irrelevant for your daughter if she does not have any interest in it (i.e. owned just by you and your wife).

On your deaths she inherits at the then market value. If she has continued to live in it after your deaths and then sells it she will have no CGT liability.

[sunny2016]

Hello

Many thanks for your response, very helpful. This ties in with what I read today, but it was not clear cut as your answer, thanks again.

I have another question - may start another thread - one of our rental homes, we are going to gift this to our son. We boguht it for 250k, now worth about 300k-ih - If we gift it to our sone and his wife - we will pay CGT at 18% and 28% as our gains will take us into the 40% bracket. We are also aware re 7 IHT rule and tappers and if me or my other half passed away within the 7 years. Can you confirm my findins are correct please? We will get a 'fair value' soon and it will cost us about 150 quid. Do we need to use a specialst solictor to ensure the gift goes as planned please and what are the average costs? We pay about 700 in fees to a solicotr when we buy/sell a freehold property - many thanks

[maths]

what I read today,

Which was?

[sunny2016]

bits from the Saga site that confirms your response.

[maths]

You understanding in your last query is correct.

No solicitor is strictly necessary. Land Registry Form TR1 simply needs completion.