Reporting Property Sale (No CGT Due)

We are in the process of signing over a property to our daughter which we purchased for her to live in 2 years ago. Do we need to report this even though there is no CGT liability (property has not increased in value)? We live in Scotland, are UK tax payers, and this property was additional to our main home.

Hi,

You would need to work out if there is a gain. There is a calculator here:

Capital Gains Tax

If there is no capital gains liability, then there is nothing to report. You could, however, take copies of the capital gains calculation and save them to your computer, should you be contacted about the disposal at a later date. You would then have evidence at hand to support your claim that there is no taxable gain.

Thank you.