CGT - Beneficial Ownership

Hi, A house is owned solely by a mother in terms of legal ownership but is lived in by her daughter as her main residence and the proceeds when sold will be given to the daughter to buy a larger house. Am I correct in assuming that the daughter has the full beneficial ownership of the property for CGT purposes when it is sold? How is this beneficial ownership formally reported and is there a time limit? Thank you for your help.

Hi Filbert79,
as the house is owned by the mother, any potential capital gains would be due by the mother unless she had signed over beneficial interest to the daughter. if this applies, as the house has been the only and main resdience. full residence relief would negate any gain.
Thank you.

Thank you. In what format would beneficial interest be made to HMRC, would a simple letter suffice? Is there a time limit for such an election to be made?

Hi Filbert79,
It would need to be a legal document showing this and cannot be applied retrospectively.
Thank you.