Thank you for your reply.
It appears the property has been let for all the time you have owned it. This restricts reliefs available to you as the property is not deemed private residence/main residence.
You can certainly gift a percentage of your share to your husband to mitigate CGT but you should allow some period between transfer of share and eventual sale to avoid scrutiny by HMRC.
Any transfer of share to your children would have to be at market value (not that cost effective). A minor under the age of 18 can't own land or property in the UK so it would have to be owned in trust by trustees, e.g. parents, for the beneficial ownership of the 13-year-old. ... But it must be remembered that the child cannot be prevented from having the property put into his own legal ownership at age 18.
The costs referred to are not deductible against capital gain but
cost of replacement carpets, interest on loan costs incurred in taking out the mortgage would be allowable against rentail income.
Moving back into the property and making it your main residence would mitigate CGT but you need to stay in the property of a while for it to be effective.
Certainly costs associated with buying and selling the property would reduce the gain and CGT payable.
I hope this is helpful and answers your question.
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