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Will there be CGT if my wife buys my interest in the marital home?

I live in the marital home in the UK, and also have a one-third share of a property in Spain. I am relocating to Spain in March before Brexit kicks in and will be paying a small rent to live in the property and then will be a resident for tax purposes in Spain. Therefore, I only have a small interest in the property and do not own it. If my wife buys me out of the UK property will one or both of us incur a capital gains tax (CGT) liability? Also, if we sell and split the proceeds of the UK property will that incur a CGT liability for either or both of us? We have lived in the same UK property for 40 years, so you can imagine the profit involved! 
Arthur Weller replies:  
Firstly, a transfer between a husband and wife who are living together (or who have lived together in that tax year) is always on a no gain, no loss basis, so no CGT liability. This applies even if one of them is non-UK resident; see HMRC’s Capital Gains manual at Secondly if, as you have written, you have always lived in this property, there cannot be any CGT liability even if you jointly sell it to someone else, due to principal private residence relief.  

Property Tax Insider This sample question and answer is taken from Property Tax Insider, a monthly UK tax saving magazine for landlords and property investors.

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