Hello and welcome to the site. Thank you for your question.
Please clarify for me...
You have sold your second home to your daughter and husband for £77k giving you a loss of £3k. You can ignore CGT implication as far as transfer to husband goes as it is regarded as transferred at cost. There may be implications for that part which is transferred to you daughter adn it is covered below
q 1 is do i need declare the transfer of ownership to hmrc,
You have to declare the resulting gain/loss on the transfer of ownership to HMRC.
Transfers between spouses are tax neutral for CGT purposes. There is no gain or loss resulting from it.
If you sell a property to a connected person at below market value, then HMRC would base the gain/loss on market value.
Please advise market vale of the property at the time of transfer of ownership.
q 2 can i put the £3k downs as a gift, and do i need declare it, and whom to and how,
You can show £3k down as a gift as one is allowed to give tax free gifts upto £3k to an individual in a tax year for IHT purposes. You don't have to declare it to HMRC.
q3 do i need to declare the monthly income on sef assesment.
If you are referring to payments to you for the property transferred, then these paymenst are not income (repayment of capital/loan) and you don't have to declare them as monthly income in self assessment.
q 5 is there any cap gains implications, feeling very foolish, am very inexperienced and thought was doing them a favour, someone told me i could have tax implications and am now worried,
There may be CGT implications if you have transferred ownership to your daughter at below market value. You would be able to claim your capital gains allowance aginst the gain (similar to personal allowance for income tax purposes).
I hope this is helpful and answers your question.
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