Capital Gains Tax on Gifted Property

Hi, I currently jointly own a B2L property with my mother and another family member (who is not immediate). My mother and I want to transfer our equity to the other family member. I have found that my mother and I need to fill in an ID1 form and have this signed by a solicitor. Providing this is complete and submitted to land registry, what is the CGT implication (if any). Also how would I declare this on my self assessment? Thanks

Hi,
Both you and your mother may have capital gains tax to pay on the disposal of the asset to the other family member.  
Please have a look at the guidance at CG14580 - ) on 'connected persons' and that of 'realtive'.  
It is important to recognise when a transaction is ‘otherwise than by way of a bargain made at arm’s length’. This is because for a transaction carried out ‘otherwise than by way of a bargain made at arm’s length’ the market value of the asset should be used as the consideration for the disposal (CG14540 - Consideration for disposal: market value rule: not at arm's length).  
A bargain made at arm’s length is a normal commercial transaction between two or more persons. All of the parties involved will be trying to obtain the best deal for themselves in their particular circumstances (CG14541 - Consideration for disposal: market value rule: at arm's length).
You can calculate any capital gains using the calculator at Capital Gains Tax.  
From there you can register for and report and pay any capital gains tax due.  
Please note that you will both need to do this withing 60 days of the completion date.
Thank you.