Thank you for your reply..
Provided the property in Bucks was your main residence at some point during the period of ownership, you could claim
- private residence relief for period covered as main residence
- final 18 months of ownership
- letting relief for the period property let (maximum relief is £40,000)
The above reliefs are covered in HS283 here
Purchase of property.. if you were to sell half share in your property, then you are deferring CGT on that part you retain and only pay CGT on the gain arising from sale of share to your nephew..
If you were to buy another property with your name on the deed, then it would be deemed second home and liable to second stamp duty.
You may wish to consider first option.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.