121Curious

My ex-wife and I have owned a residential property in England since 1998 that was our main residence for about 10 years. Purchase cost 100k - it was rented out afterwards. Current MV is say 300k. We are both non UK domiciled and have been non-UK resident for the last 10+ years. We now want to gift the house to our UK domiciled and UK resident adult son. What are the CGT consequences? Specifically: 1. We understand that we can opt for a valuation from 2015 (say 200k) when CGT on non-resident residential property came in rather than the actual cost in 1998. Is this correct? 2. Is the capital gain based on 2015 £200k value further abated by any period of main residence relief before 2015? 2a. is this answer any different if the property is re-occupied by us as a main residence before its sale? 3. We understand that when there is a transfer by gift from non-resident to a related UK resident the gain is held over until the eventual disposal of the property to a third party. - the relief is given by reducing the acquisition base cost for our son - so our son would acquire it at a base cost of £200k+ any further relief due to Main Residence - is this correct? 4. what happens when our son eventually sells the property after occupying it as his Only Main residence - does he qualify for the Only Main Residence relief for the period of his occupation? 5. If so, how is the CGT calculated when he sells the property? Thanks for your help.