My wife and I own a barn located next to our house, which we are hoping to convert with the required planning permission. The barn is relatively small and probably worth in the region of £250,000 if converted. At the moment, it has little value as there is no planning or access.  
My daughter owns a property which is of a similar value, and we want to swap so she can move into the barn, and I can then rent her property out. Will I be subject to capital gains tax (CGT) albeit there is no gain as such? 

Arthur Weller replies:  

Exchanges of assets are subject to CGT (see HMRC’s Capital Gains Manual at CG13090P). So even though the property is disposed of in exchange for another property, instead of cash, it will still have to follow the usual CGT rules. However, if the property at the time of disposal is not worth more than it was when acquired, there is no capital gain, so there can't be any CGT liability (there are rules for rollover relief on exchanges of properties (see CG65155 and CG7300), but it could be that your scenario does not fit into those rules.)