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Is this your sole or main domestic residence?
There may be a Capital Gains Tax (CGT) liability for the individuals removed from the deeds based on the acquisition price and the current market value.
The Valuation Office Agency (VOA), a little-known part of HMRC's empire staffed by Chartered Surveyors, will be called in. Their main task is to determind banding for Council Tax and also business rates assessments. The Agency is advised of all transactions in land and thus has a very comprehensive data bank of property values.
Unfortunately, yes. However, each individual has a non-cumulative Annual Exempt Amount (AEA), currently 11.7K, to offset the gain.
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