In 2010, I took out a mortgage to buy my daughter a property in Birmingham for her to live in. Both of our names are on the title deeds. The property is now mortgage-free. I would like to take my name off the deeds so that my daughter is the sole person on the deeds. No money will change hands. Would there be any tax implications? 

Arthur Weller replies: 

When you take your name off the deeds, you are effectively gifting to your daughter your half of the house, for no consideration. (a) Regarding stamp duty land tax (SDLT), since there is no consideration, there is no SDLT liability. (b) Regarding capital gains tax (CGT), a gift is treated, for CGT purposes, as a sale at today's market value. So, if the property has gone up in value since 2010, you will have made a capital gain. (c) Regarding inheritance tax (IHT), the gift will be a potentially exempt transfer (PET). No IHT is payable at the time of transfer, but if you die within seven years, the value of the gift will be included in your estate for IHT purposes.