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Can capital gains tax only or main residence relief be claimed on transfer of house to daughter?
Our client lives in a property created from stable buildings which her parents gave her together with some adjacent outbuildings.
The outbuildings were used as garages and storage until 2006. The whole property is on a plot about 40 m by 20 m within the same boundary wall.
In 2006 the outbuildings were converted into a residence for our client’s daughter and husband. Our client spent about £100 000 on the property conversion. The daughter has lived there since paying all running and repair costs.
Our client’s intention was always to give the property to her daughter but we understand that due to the risk of marriage break-up this was not done previously.
Our client now wishes to transfer title of the dwelling and half of the garden to her daughter and husband so they can raise finance on it and improve it. It has...
