CGT on Property

A mother and son co-own a property with a 50-50 split. The mother currently resides in the property. She has recently transferred her 50% share to her daughter-in-law. Can it be confirmed that she is exempt from paying Capital Gains Tax (CGT) on her share since the property is her primary residence?

Hi,
Yes, on the basis of the info provided, the mother would be fully covered by Private Residence Relief and would have no Capital Gains Tax to pay:    Tax when you sell your home
Thank you.

Hi, I'm being bought out of a property, and the agreed lump sum is £30k, much less than 50% share of the house, do I need to pay any tax on that amount?

Hi,

You have not provided enough detail about the buy out transaction for us to confirm whether or not there is any Capital Gains Tax liability. For clarification, you may wish to use our Capital Gains Tax calculator here:        

Tax when you sell property 

Thank you.