Hello and welcome to the site. Thank you for your question.
You will be liable to Capital gains allowance.
The sale to property is to a related party and HMRC will regard the sale at Market value for capital gains tax purposes.
Your gain will be (200-165) = £35k or £17.5k per owner as it is jointly owned.
You will both get gains allowance of 10,900 each and the gain subject to CGT after allowance would be (35,000-21,800) = £13,200 or £6,600 each.
CGT rate at 18%, 28% or a combination of both depending on your total income in the year of sale.
Your maximum CGT at 28% would be £3,696
I hope this is helpful and answers your question.
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