I have owned the flat since 1990 and lived in it from 1990 to 2001 as my sole and principal private residence. From 2002 to 2012, I rented the flat and returned to live in it as my sole and principle private residence from 2012 to present. If I transfer the property to my children are there any taxes I have to pay?

Arthur Weller replies:
You are entitled to principal private residence (PPR) relief for the periods 1990 to 2001, and 2012 to the present. As for the period 2001 to 2012, you can claim lettings relief (up to a maximum of £40,000) to reduce the gain attributable to this period. There is also a possibility that you can claim ‘period of absence’ relief for some or all the period 2001 to 2012, but there is not enough information in the question to say definitively whether you can claim.